Insurance schemes are financial products designed to provide protection against potential risks or losses. They involve individuals or businesses paying regular premiums to an insurance company, which in return offers compensation for specific events, such as accidents, illnesses, or property damage. Common types of insurance schemes include health insurance, auto insurance, and homeowners insurance. These schemes help manage financial uncertainty by spreading risk among many policyholders. When a covered event occurs, the insurance company pays out claims to help the affected individuals or businesses recover. This system allows people to safeguard their assets and well-being while promoting financial stability in society.