Hello there!
Your question asks what insurance is.
Answer: A company or agency that provides financial support or compensation for a premium payment.
Insurance companies exist because people would need to have a provider that would help them through financial loss, health, etc.
Here are different kinds of insurance:
Auto Insurance
Health Insurance
Property Insurance
Etc.
Basic information for different insurances:
Auto insurance:
Auto insurance is the insurance for vehicles. What this insurance provides is a compensation when an accident or mishap occurs. Auto insurance companies would charge you a monthly premium in order to receive the compensation that they're offering you. Premium prices range from different reasons: age, driving record, city, etc. This is the benefit of auto insurance, in which most places require you to have, but it is highly recommended that you have auto insurance, especially when you drive on the daily.
Health Insurance:
Health insurance is the insurance for a person's health. This insurance would provide you the financial support that you would need to pay off medical bills if you were ever to get ill. With health insurance, they would only need you to pay the deductible in order to receive the compensation that they'll give to your health bills. For example, if I brake my bone and need insurance, but the surgery costs $2000. But, I have health insurance, and the insurance only tells me to pay the $300 deductible. This is the benefit of health insurance.
Property Insurance:
Property insurance is the insurance for properties. When I say properties, I mean things like houses, buildings, lands, etc. This insurance exist because of property damage. If something happens to your property, e.g. tree falls on it, property insurance would cover the financial costs of the damages and have you pay a small fee.