Definition: Insurance refers to a financial arrangement where an individual or organization pays for risks that are not their own responsibility, such as natural disasters, accidents, illnesses or thefts. Insurance usually covers damages incurred by an insured entity (the person or organization who purchased the insurance policy) and it is provided either as a standalone policy, or through various tiers within an umbrella policy. The word 'insurance' comes from the Greek words "Insurance" and "in" which mean "to put in." The term itself stems from Latin roots. It can be considered as a combination of "insurance," "in" (to put something into), and "risk" or "liability." Thus, it refers to the protection that someone is provided against the potential losses they might incur due to risks. Detailed definition: 1. Insurance: Protection against loss or damage resulting from an event, accident, injury, etc. 2. In: Putting into place or on display 3. Risk: The probability of a future event; the possibility of a result occurring that is beyond what can be controlled by a person. 4. Liability: The potential consequences for one's actions or decisions and how they affect others. In simple terms, insurance acts as a safety blanket against risks that may arise from the activities we perform daily. It provides protection to our loved ones in case of an unexpected event such as fire, illness, or loss of property, without having to worry about the financial repercussions on our own.
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