Every year, your car must get an inspection by an authorized mechanic who verifies that it is not a hazard on the road or harmful to the environment. An inspection is an official examination.
Inspection can also mean "a close look at." If you discover a bug in your back yard, it might require a careful inspection to figure out what kind of insect it is. An idea might sound good, but on closer inspection, you find that it won't work. Think of inspection as someone looking closely at something to determine a set of facts.