| A contract in which payment of premiums covers the insured against something that may, or may not occur. Insurance is designed to protect the financial well-being of an individual, company or other entity in the case of unexpected loss. Some forms of insurance are required by law, while others are optional. For example, motor insurance covers the insured against accidents that may occur. In the UK insurance is differentiated from assurance (life assurance) that is protection against something that will inevitably occur.
|
