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Insurance is a term in law and economics. It is something people buy to protect themselves from losing money. People who buy insurance pay a “premium” and promise to be careful (a “duty of care”). In exchange for this, if something bad happens to the person or thing that is insured, the company that sold the insurance will pay money back.
There are different kinds of insurance. One kind is called “fire insurance”. People get money if their property catches on fire and burns down. Another kind is called “life insurance”, which pays somebody elseif the person who has life insurance dies or becomes seriously ill.