What insurance is a contract by one seek to protect another from?

Insurance is a contract in which one party, known as the insurer, agrees to provide financial protection to another party, the insured, against specific risks or losses. This protection typically covers events such as accidents, illnesses, property damage, or liability claims. By paying a premium, the insured seeks to mitigate the financial impact of these unforeseen events, ensuring a level of security and peace of mind.