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In this video tutorial, the concept of insurance is explored, highlighting its importance and various types. Insurance is defined as a contract between an individual or organization and an insurance company that offers financial protection against potential losses in exchange for paid premiums, effectively transferring risk. It plays a crucial role in managing financial risks from everyday events such as accidents, illnesses, or natural disasters, preventing financial ruin. Insurance provides peace of mind and support in recovering from losses. The video also mentions several types of insurance, including health, life, property, liability, and auto insurance.
