Insurance Bet ( craps )

Two or more wagers made at a crap table in an attempt to insure one or the other.

 

Insurance Bet ( poker )

In big bet poker, it is possible to reach a situation in which you are uncomfortable with the
amount of money you have invested in a pot. To reduce variance, players will sometimes take
insurance against an unfortunate outcome, essentially selling the actual outcome of the hand for its mathematical equity (at a slight discount).