Insurance is a means of protection from financial loss. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss.
Commercial banks create checkbook money whenever they grant a loan, simply by adding new deposit dollars in accounts on their books in exchange for a borrower's IOU.
Federal Reserve Bank of New York; Friedman, David H. (1977). I Bet You Thought.... p. 19. OCLC 5356154.
Most of us understand that innovation is enormously important. It's the only insurance against irrelevance. It's the only guarantee of long-term customer loyalty. It's the only strategy for out-performing a dismal economy.
Gary Hamel in:Gary Hamel On Innovating Innovation, Forbes, 4 December 2012.
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