Definition of Insurance:

  1. A practice or arrangement by which a company or government agency provides a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a premium.

  2. A thing providing protection against a possible eventuality.

  3. Risk-transfer mechanism that ensures full or partial financial compensation for the loss or damage caused by event(s) beyond the control of the insured party. Under an insurance contract, a party (the insurer) indemnifies the other party (the insured) against a specified amount of loss, occurring from specified eventualities within a specified period, provided a fee called premium is paid. In general insurance, compensation is normally proportionate to the loss incurred, whereas in life insurance usually a fixed sum is paid. Some types of insurance (such as product liability insurance) are an essential component of risk management, and are mandatory in several countries. Insurance, however, provides protection only against tangible losses. It cannot ensure continuity of business, market share, or customer confidence, and cannot provide knowledge, skills, or resources to resume the operations after a disaster.

Synonyms of Insurance

Assurance, Indemnity, Indemnification, Protection, Financial protection, Security, Surety, Cover, Accident insurance, Actuary, Annuity, Assurance, Aviation insurance, Bail bond, Bond, Business life insurance, Casualty insurance, Certificate of insurance, Court bond, Cover, Credit insurance, Credit life insurance, Deductible, Endowment insurance, Family maintenance policy, Fidelity bond, Fidelity insurance, Flood insurance, Forearming, Forehandedness, Foresight, Foresightedness, Forethought, Forethoughtfulness, Fraternal insurance, Government insurance, Guarantee, Guaranty, Health insurance, Indemnification, Indemnity, Industrial life insurance, Insurance agent, Insurance broker, Insurance company, Insurance man, Insurance policy, Interinsurance, Liability insurance, License bond, Limited payment insurance, Major medical insurance, Malpractice insurance, Marine insurance, Measures, Mutual company, Ocean marine insurance, Permit bond, Policy, Precaution, Precautions, Precautiousness, Preventive measure, Protection, Providence, Provision, Robbery insurance, Safeguard, Security, Social security, Steps, Steps and measures, Stock company, Stocks and bonds, Surety, Term insurance, Theft insurance, Tie, Underwriter, Warrant, Warranty, Protection, Defence, Safeguard, Safety measure, Shelter, Security, Precaution, Provision, Preventive measure, Immunity

How to use Insurance in a sentence?

  1. Adherence to high personal standards of conduct is excellent insurance against personal problems.
  2. Many new borrowers take out insurance against unemployment or sickness.
  3. Bob seemed to think his expensive new auto insurance policy was an excuse to drive recklessly and risk an accident, but he was clearly headed for trouble.
  4. When the tornado destroyed our house, the insurance that we had purchased enabled us to rebuild immediately, as well as provided us with temporary housing assistance.
  5. It is good to have insurance against some of the bigger problems your business could face to avoid total disaster if they arise.

Meaning of Insurance & Insurance Definition