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Simple English definitions for legal terms
insure
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A quick definition of insure:
Term: INSURE
Definition: Insure means to pay money to protect yourself or something you own from getting damaged or lost. When you insure something, you buy a special paper called an insurance policy that promises to give you money if something bad happens. The person who buys the insurance policy is called the insured, and they are protected from losing money if something bad happens. Sometimes, other people can also be protected by the insurance policy, and they are called additional insureds.
A more thorough explanation:
Definition: To secure the payment of a sum of money in case of loss by paying a premium. It can also mean to issue or obtain an insurance policy for someone or something.
Example: John insured his car by paying a premium to the insurance company. This means that if his car is damaged or stolen, the insurance company will pay him a sum of money to cover the loss.
Additional example: Mary is an additional insured on her husband's car insurance policy. This means that she is covered by the policy even though she is not the primary insured.
The examples illustrate how insuring works. By paying a premium, individuals or entities can protect themselves from financial loss in case of an unfortunate event. Insurance policies can cover various things, such as cars, homes, health, and life.