Portfolio insurance? Sounds a bit fishy

Question: Is portfolio insurance legitimate? At a seminar I attended, an adviser said it would cost me 0.5% of what I invest with him. Supposedly it will lock in my gains and I can't lose money no matter what the market does. - Paula Krensavage, Weirton, W.Va.

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[Source: Financial news of the day - CNNMoney.com]