Insurance

If you pay the insurance company a certain amount of money every year, they promise to pay you if you have a certain type of loss.

Auto insurance pays you if you crash your car so you can afford a new car; health insurance pays your medical bills if you get sick. Insurance protects your assets so that an unfortunate occurrence will not drive you into financial ruin.

https://accounting.uworld.com/cpa-review/lc/accounting-dictionary/term/insurance/