Definition: Insurance refers to the practice or arrangement in which the owner of an insurance policy undertakes a risk and, if the insured's property or personal belongings are damaged or destroyed by another party to the policy, obtains compensation from the insurer for damage sustained by the policyholder. On the other hand, bond is a type of financial instrument that provides a security interest over a person or business. It refers to the right of a lender to take possession of an asset as collateral in exchange for repayment of the loan.
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