Definition: Insurance, also known as insurance or "ensurance," refers to a financial system that allows individuals, businesses, and governments to pool their resources for protection against potential financial loss. It's essentially like a safety net in which you can rest easy knowing that if something unexpected happens, you have the funds to cover it. The definition of 'insurance' is quite broad, but broadly speaking, insurance is any type of protection or measure of risk that helps cover the financial losses caused by an event. This could include things like personal injury insurance for a car accident, property damage insurance for structures, life insurance for someone who has experienced illness or loss in their life, and even financial planning tools to help people save money on insurance premiums. So if you have some financial difficulties, you can turn to your insurer to help cover the costs. For example, you might need medical coverage for a serious illness that left you unable to work, and an unemployment benefit program that helps you get back into the workforce once you're able to resume. In summary, insurance is a way to protect yourself against potential financial losses by providing protection if something unexpected happens.
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