What is Insurance? This is a simple enough question to most people fair enough, but very often insurance is a word that might be easy to explain in theory but not in practice. The term is thrown around loosely by many people either being sold as a package or used to describe certain investments only to realize the disparity between the package that we bought, an investment we made, or what we were told during a pitch and the true meaning is worlds apart. In this post, we seek to look at the true meaning of insurance from the financial services sector perspective and the true definition of the word itself. According to the Oxford Advanced Learners Dictionary, insurance is an agreement with a company in which you pay them regular amounts of money and they agree to pay the cost, in the event that you die or there is loss on your part. Other authors suggest that insurance is simply a contract between an insurer and the insured on which the former is to guarantee protection in line wit...