Microinsurance is a type of insurance that provides coverage to low-income individuals or households. It is also known as small-scale insurance or low-cost insurance. It is designed to protect the financial well-being of people who are most vulnerable to risks, such as natural disasters, health emergencies, and accidents. Other synonyms used for microinsurance include community-based insurance, affordable insurance, tailored insurance, inclusive insurance, and social insurance. Whatever the name used, the goal is always to offer insurance products that are accessible, flexible, and affordable for people who would otherwise be unable to obtain protection for themselves and their loved ones.