insurance

insurance is a Noun

Definition:

[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.

[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. Accident insurance, insurance against pecuniary loss by reason of accident to the person. -- Endowment insurance or assurance, a combination of life insurance and investment such that if the person upon whose life a risk is taken dies before a certain specified time the insurance becomes due at once, and if he survives, it becomes due at the time specified. -- Fire insurance. See under Fire. -- Insurance broker, a broker or agent who effects insurance. -- Insurance company, a company or corporation whose business it is to insure against loss, damage, or death. -- Insurance policy, a certificate of insurance; the document containing the contract made by an insurance company with a person whose property or life is insured. -- Life insurance. See under Life.