Final answer:
To place insurance means to purchase an insurance policy from an insurance company and pay regular premiums in exchange for coverage. If a specified event covered by the policy occurs, the insurance company provides financial compensation.
Step-by-step explanation:
To place insurance means to purchase an insurance policy from an insurance company. Insurance is a method used by individuals and businesses to protect themselves against potential financial losses from unexpected events. When you place insurance, you pay regular premiums to the insurance company in exchange for coverage.
If you experience a specified event that is covered by your insurance policy, the insurance company will provide financial compensation to help you recover from the loss.