Insurance
Definition of Insurance Hierarchical Category as it relates to Finance, Personal Finance
Insurance is a field within personal and general finance, dedicated to the provision of financial protection against potential future loss, damage, or liability. It entails the transfer of risk from one entity to another in exchange for payment, often in the form of a premium. This category encompasses various types of insurance such as health, car, home, and life insurance. It also includes the concepts of underwriting, policy issuance, claims handling and risk management.