insurance

n. [ From Insure. ] [ 1913 Webster ]

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. [ 1913 Webster ]

☞ The person who undertakes to pay in case of loss is termed the insurer; the danger against which he undertakes, the risk; the person protected, the insured; the sum which he pays for the protection, the premium; and the contract itself, when reduced to form, the policy. Johnson's Cyc. [ 1913 Webster ]

2. The premium paid for insuring property or life. [ 1913 Webster ]

3. The sum for which life or property is insured. [ 1913 Webster ]

4. A guaranty, security, or pledge; assurance. [ Obs. ] [ 1913 Webster ]

The most acceptable insurance of the divine protection. Mickle. [ 1913 Webster ]

5. Hence: Any means of assuring against loss; a precaution; as, we always use our seat belts as insurance against injury. [ PJC ]

Accident insurance, insurance against pecuniary loss by reason of accident to the person. --
Endowment insurance or
Endowment 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. Also called whole life insurance. --
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. [ 1913 Webster ]