It is an arrangement by which a company or the state undertakes to provide a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a specified premium. It can also be defined as a contract (policy) in which an insurer makes good the losses from specific contingencies or perils by the insured. There are many types of insurance policies for families as well as for commercial establishments.
To name a few insurance policies - life, health, travel, home, burglary, pet for families and fire, marine / transit, liability, engineering, office / factory for commercial establishments. These are most common forms of insurance.
Insurance must be purchased when everything is fine, because when you need insurance the most (i.e. after an insurable event eg. Hospitalization) it may not be possible to get insurance. In the rare case that you may be offered an insurance contract, it is likely that the conditions and warranties are quite restrictive and may not be favourable to you.
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