Insurance

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Insurance is intended to provide financial protection in case you lose or damage something you own, or if you are liable to someone else and owe them money ( damages) to compensate them. Insurance is meant to return you to the financial condition you were in before you had the loss. You get this protection by paying a premium to an insurance company. The theory behind insurance is that lots of people pay a relatively small amount (the premiums) to an insurance company so that when a few people have a relatively big financial loss, the insurance company has enough money to pay for it. See also Liability Insurance.