Insurance refers to the commercial insurance behavior in which the applicant pays the insurance premium to the insurer according to the contract, and the insurer bears the responsibility of paying the insurance premium for the property losses caused by the possible accidents agreed in the contract, or when the insured dies, suffers from disability, illness or reaches the age and time limit agreed in the contract.

From the perspective of economics, insurance is a financial arrangement to share the loss of accidents; From the legal point of view, insurance is a contractual act, a contractual arrangement in which one party agrees to compensate the other party for losses; From a social point of view, insurance is an important part of the social and economic security system and a "subtle stabilizer" for social production and social life.

Extended data:

First of all, the financial industry refers to a special industry that deals in financial commodities, including banking, insurance, trust, securities and leasing.

After a long historical evolution, the financial industry has gradually developed into a multi-category financial institution system from a relatively simple form in ancient society. Therefore, finance is everywhere, forming a huge system, involving a wide range of categories, branches and contents.

Such as currency, securities, banking, insurance, capital market, derivative securities, investment and wealth management, various funds (private placement and public offering), balance of payments, financial management, trade financing, real estate finance, foreign exchange management, risk management, etc.

The financial industry has the characteristics of index, monopoly, high risk, interest dependence and high debt management. Indicators mean that financial indicators reflect the overall and individual situation of the national economy from all angles, and the financial industry is a barometer of the development of the national economy.

On the one hand, monopoly means that the financial industry is strictly controlled by the government. Without the approval of the central bank, no unit or individual may set up financial institutions at will.

On the other hand, it refers to the relative monopoly of specific financial banks. Credit business is mainly concentrated in the four major commercial banks, securities business is mainly concentrated in national securities companies such as Cathay Pacific, Huaxia and Nanfang, and insurance business is mainly concentrated in PICC, Ping An and Pacific Insurance. High risk means that the financial industry is a distribution center for huge amounts of money, involving all sectors of the national economy.

Any mistakes in business decisions of units and individuals may lead to "domino effect"; Interest dependence means that financial interests depend on the overall interests of the national economy and are greatly influenced by policies; High-debt management means that the proportion of self-owned funds is lower than that of general industrial and commercial enterprises.

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