insurance Meaning, Definition & Usage

  1. noun promise of reimbursement in the case of loss; paid to people or companies so concerned about hazards that they have made prepayments to an insurance company
  2. noun written contract or certificate of insurance
    policy; insurance policy.
    • you should have read the small print on your policy
  3. noun protection against future loss
    indemnity.

WordNet

In*sur"ance noun
Etymology
From Insure.
Definitions
  1. The act of insuring, or assuring, against loss or damage by a contingent event; a contract whereby, for a stipulated consideration, called premium, one party undertakes to indemnify or guarantee another against loss by certain specified risks. Cf. Assurance, n., 6. ✍ The person who undertakes to pay in case of loss is termed the insurer; the danger against which he undertakes, the risk; the person protected, the insured; the sum which he pays for the protection, the premium; and the contract itself, when reduced to form, the policy. Johnson's Cyc.
  2. The premium paid for insuring property or life.
  3. The sum for which life or property is insured.
  4. A guaranty, security, or pledge; assurance. Obs.
    The most acceptable insurance of the divine protection. Mickle.

Webster 1913