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insurance definition

in·sur·ance (in s̸ho̵or′əns)

noun

  1. 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 insurance policy: see policy, sense
    2. the premium specified for such a contract
  3. the amount for which life, property, etc. is insured
  4. the business of insuring against loss

Etymology: earlier ensurance < OFr enseurance: see ensure

Webster's New World College Dictionary Copyright © 2009 by Wiley Publishing, Inc., Cleveland, Ohio.
Used by arrangement with John Wiley & Sons, Inc.

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