Acontract whereby one undertakes to indemnify another or pay or allow a specified amount or a determinable benefit upon determinable contingencies is

Insurance

Explanation:

 Insurance is the term which refers to the contract that helps in transfer the various types of risk in terms of financial loss.

 The insurance is basically refers to the contract and also called policy where the various types of organization receives the financial protection of the damages from the insurance company.

The main benefit of the insurance is that it sets a policy where the insurance company providing an organization a financial support for the consequences and we can use the money more efficiently.  

According to the given question, a contract that allow a particular amount or pay  for the damages is known as insurance.

 Therefore, Insurance is the correct answer.

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