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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
Joint Account
A financial account that is owned by two or more individuals, who have equal access to and control over the funds in the account.
Pension
A regular payment made from one's employer after retirement, based on factors such as length of employment and earnings.
Mobile Banking App
Mobile banking is the use of a mobile app to access and manage banking services such as account transactions, bill payments, and account transfers.