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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
Statement Period
The length of time covered by a bank or credit card statement, typically one month, used to determine which transactions are displayed.
Authorization
The process of verifying that a person has the right to use a particular credit or debit card for a transaction to protect against fraud.
Mobile Check Deposit
A feature in a banking app that allows a user to deposit a check into their bank account, typically by taking pictures of the check.