Definition of 'Insurance'
A contract (policy) in which an individual or entity receives financial
protection or reimbursement against losses from an insurance company.
The company pools clients' risks to make payments more affordable for
the insured .
Investopedia explains 'Insurance'
When shopping around for an insurance policy, look for the best priced
package that is right for you - prices can vary from one insurance
company to the next. And make sure you know what you want. Some
individuals, for example, prefer 24-hour claims service or face-to-face
contact with an insurance representative. Also consider the claims
settlement process, the amount of the deductible and the extent of the
replacement coverage. Insurance companies and the policies they offer
are not all the same, so think about more than just the price .
