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  Insurance: Definition, How It Works, and Main Types of Policies By   JULIA KAGAN   Updated July 18, 2022 Reviewed by   CHARLES POTTERS Fact checked by   KATRINA MUNICHIELLO Investopedia / Daniel Fishel What Is Insurance? Most people have some kind of insurance: for their car, their house, or even their life. Yet most of us don’t stop to think too much about what insurance is or how it works. Put simply, insurance is a contract, represented by a policy, in which a policyholder receives financial protection or reimbursement against losses from an insurance company. The company  pools clients’ risks  to make payments more affordable for the insured. Insurance policies are used to  hedge  against the risk of financial losses, both big and small, that may result from damage to the insured or their property, or from liability for damage or injury caused to a third party. 1 KEY TAKEAWAYS Insurance is a contract (policy) in which an insurer indemnifies another against losses from specific co

  Personal Loans vs. Credit Cards: What’s the Difference? How they compare and the pros and cons of each By   GREG MCFARLANE   Updated June 26, 2021 Reviewed by   THOMAS BROCK Personal Loans vs. Credit Cards: An Overview Personal loans and  credit cards  both offer a way to borrow funds and have many of the same standard credit provisions. In both loan and credit card agreements you will typically find funds offered from a lender at a specified interest rate, monthly payments that include principal and interest, late fees, underwriting requirements, amount limits, and more. Mishandling either type of credit can undermine your credit rating, causing problems with loans, access to good housing, finding jobs But beyond the similar attributes personal loans and credit cards share there are also key differences, such as repayment terms. Let's explore the definitions and differences between the two, along with some pros and cons of each. KEY TAKEAWAYS Personal loans offer borrowed funds