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Definition of Insurance
In`sur´ance | n. | 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. | | 5. | Any means of assuring against loss; a precaution; as, we always use our seat belts as insurance against injury. |
Related Words
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