What Is Insurance? Definition, Types & How It Works (2026 Guide)

What Is Insurance? Definition, Types & How It Works (2026 Guide)

Insurance constitutes a financial contract between an individual (or business) and an insurance provider. In return for consistent payments known as premiums, the insurance provider commits to offering financial protection against designated losses or risks specified in the policy. Insurance serves to alleviate the financial strain resulting from unforeseen incidents such as automobile accidents, medical … Read more