Insurance or insurance bet is a gambling term used both in online and land-based casinos. It refers to a type of bet you can place.
Namely, the insurance bet is only available if the dealer’s face-up card is an ace. If that happens to be the case, you can opt to place an insurance bet, which is a side bet since you will still be required to place your main bet to play the hand in the first place.
In case the dealer ends up having a natural blackjack, you will receive a payout of 2 to 1 if you have placed the insurance bet. More importantly, you can win the insurance bet regardless of your main bet.
If the dealer ends up having a natural blackjack, you will lose your main bet but win your insurance bet, thus breaking even. It is also possible to win the insurance bet and push the original bet if you land a natural blackjack.