Insurance bet is often simply called insurance, and the term refers to a type of bet you can place during a game of blackjack. It is used both in online and land-based casinos, as well as in multiple variations of blackjack.
However, the insurance bet is not always available. In classic blackjack, it becomes available only if the dealer’s face-up card turns out to be an ace. Before the dealer peeks for a natural blackjack, every player at the table will have an option to place an insurance bet. If the dealer does end up having a natural blackjack, each player who has placed an insurance bet will receive a 2 to 1 payout.
In addition, a player can win the insurance bet regardless of their main bet. Therefore, it is possible to win the main hand but lose the insurance bet or vice versa. At the same time, it is also possible to win the insurance bet and push on your main bet.