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/ɪnˈʃʊərəns/
Meaning & Definition
noun
A contractual agreement in which an individual or entity receives financial protection or reimbursement against losses from an insurance company.
She purchased health insurance to cover her medical expenses.
The act, system, or business of insuring, which involves the pooling of risks to mitigate losses.
The insurance industry has been growing rapidly in recent years.
An arrangement where a premium is paid in exchange for financial protection against specified contingencies.
Auto insurance is mandatory in many states to safeguard against accidents.
A promise of compensation for specific potential losses, such as life insurance, property insurance, and liability insurance.
He took out life insurance to secure his family’s financial future.
Etymology
From Latin 'securare', meaning 'to make safe'.
Common Phrases and Expressions
insurance policy:
A document detailing the terms of an insurance agreement.
under insurance:
A situation where the coverage is insufficient to cover potential losses.
life insurance:
A type of insurance that pays out a sum of money upon the insured's death.
travel insurance:
Coverage designed to protect against risks while traveling.
Related Words
Slang Meanings
Insure
You better insure that car if you want to drive it around here.
Coverage
I got full coverage on my ride after that accident.