The term 'protected against loss or damage' can be summarized by the word 'INSURED, ' which is a seven-letter word. Insurance is a form of risk management that is used to protect individuals and businesses from financial losses due to unexpected events, such as accidents, natural disasters, or theft. Insurance policies are designed to cover the cost of repairs or replacement of damaged property, as well as any medical expenses incurred as a result of an accident. By paying a premium, individuals and businesses can be protected against potential losses or damages.