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Insurance
An agreement in which an individual or entity pays a premium to an insurer in exchange for protection against potential losses or damages.
More Details
Insurance is a financial product that provides protection against losses or damages that may occur. It is a way to transfer risk from an individual or business to an insurance company, in exchange for a premium payment.
Example
If you buy car insurance, you pay a premium to the insurance company in exchange for protection against financial losses resulting from car accidents or other types of damages to your vehicle.
Related Terms
eStatements
An electronic version of a bank or credit union statement, which is a summary of an individual's account activity and current balance.
Statement Period
The length of time covered by a bank or credit card statement, typically one month, used to determine which transactions are displayed.
Certificate of Deposit (CD)
A type of savings account that offers a fixed interest rate and a fixed term of deposit, typically ranging from a few months to several years.

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