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insurance

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The definition of insurance is protection against something going wrong.

(noun)

When you pay premiums in exchange for a policy that pays out when you crash your car in a car accident, this is an example of an auto insurance policy.
When you save money in case you lose your job and are out of work, this is an example of insurance in case you lose your job.

See insurance in Webster's New World College Dictionary

noun

an insuring or being insured against loss; a system of protection against loss in which a number of individuals agree to pay certain sums (premiums) periodically for a guarantee that they will be compensated under stipulated conditions for any specified loss by fire, accident, death, etc.
1. a contract guaranteeing such protection: usually called : see policy, sense
2. the premium specified for such a contract
the amount for which life, property, etc. is insured
the business of insuring against loss

Origin: earlier ensurance < OFr enseurance: see ensure

See insurance in American Heritage Dictionary 4

noun

a. The act, business, or system of insuring.
b. The state of being insured.
c. A means of being insured.
a. Coverage by a contract binding a party to indemnify another against specified loss in return for premiums paid.
b. The sum or rate for which such a contract insures something.
c. The periodic premium paid for this coverage.
A protective measure: biking helmets that provide insurance against a head injury.

adjective
Sports

Of, relating to, or being a score that increases a team's lead enough to prevent the opposing team from tying the game with one more score: an insurance run.

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