Insurance is a term used to refer to the act, system, or where the financial protection business (or financial compensation) to people, property, health and so forth to get reimbursement from the events that can not be expected to occur such as death, loss , damage or illness, which involves the payment of premiums on a regular basis within a specified period in exchange for a policy that ensures protection.
The term "insured" usually refers to everything that is getting protection.