something about insurance

Defination of insurance by Insurance Terminology of the American Risk and Insurance Association:
Insurance is the pooling of fortuitous losses by transfer of such risks to insurers, who agree to indemnify insureds for such losses, to provide other pecuniary benefits on their occurrence, or to render services connected with the risk.

Private insurace includes life and health insurance and property and liability insurance.

Publice insurace (or Government insurance) includes social insurance programs and all other government insurance plans.

insurance is the transfer of risk by paying premium.