Insurance
Insurance is a financial arrangement in which individuals or organizations pay premiums to insurance providers in exchange for protection and coverage against specific risks or losses. It acts as a safety net to mitigate financial risks associated with various events, including accidents, illnesses, natural disasters, and property damage. Key elements of insurance include premiums, coverage, policyholders, insurance providers, claims, deductibles, and regulatory oversight. Various types of insurance, such as health, life, auto, property, and business insurance, serve specific needs and risks. Insurance helps individuals and businesses manage uncertainties and provides financial security in the face of unforeseen events.