Definition: Insurance refers to a financial system that helps protect individuals, families, or businesses against financial losses caused by unforeseeable events such as natural disasters, accidents, illness, theft, or loss of property. It provides financial protection through policies which cover specific risks faced by an individual or business. The term "insurance can help" refers to the idea that by purchasing insurance policies, individuals and businesses can potentially protect themselves against potential losses by ensuring they have financial resources in case of any unexpected events. This may include things like flood insurance, earthquake insurance, property damage insurance, medical malpractice coverage, or other types of coverages that are designed to help mitigate financial loss. The word "insurance" is commonly used to describe a type of insurance policy, and the term can be applied to different types of policies depending on the specific context. For example, home insurance may be an example of such a policy, whereas workplace liability insurance or general business insurance might not be considered as such since they do not specifically target financial loss.
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