A contract taken to ensure the payment
of a sum of money to re-instate any loss in the event of an insured risk, for
example if you have life insurance and you die you will have money coming to
your estate as that was the insured risk.
There are many types of insurance such as Buildings Insurance Life Insurance and
Contents Insurance and even accident sickness and redundancy insurance to name a
few. These are the types of insurance that you are advised to get when
purchasing a home.