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     Insurance is a financial tool that provides protection against unforeseen events, offering individuals, families, and businesses a sense of security and peace of mind. In its most basic form, insurance is a contract between an individual (the policyholder) and an insurance company, wherein the insurer promises to compensate the insured for specific potential losses in exchange for regular premium payments. The Purpose of Insurance The primary purpose of insurance is to manage risk. Life is inherently unpredictable—accidents, natural disasters, illnesses, and even death can occur without warning. Insurance helps mitigate the financial burden caused by such events. By pooling risks across many policyholders, insurance companies are able to provide compensation to those who suffer losses, thus spreading the financial risk among many.     Types of Insurance There are several types of insurance designed to protect differ...