¹insurance

noun in·sur·ance \in-ˈshu̇r-ən(t)s also ˈin-ˌ\

: an agreement in which a person makes regular payments to a company and the company promises to pay money if the person is injured or dies, or to pay money equal to the value of something (such as a house or car) if it is damaged, lost, or stolen

: the amount of money a person regularly pays an insurance company as part of an insurance agreement

: the amount of money that a person receives from an insurance company

Full Definition of INSURANCE

a : the business of insuring persons or property

b : coverage by contract whereby one party undertakes to indemnify or guarantee another against loss by a specified contingency or peril

c : the sum for which something is insured

: a means of guaranteeing protection or safety <the contract is your insurance against price changes>

See insurance defined for English-language learners

See insurance defined for kids

First Known Use of INSURANCE

1651

Other Economics Terms

actuary, compound interest, globalization, indemnity, portfolio, rentier, stagflation, usurer

²insurance

adjective

Definition of INSURANCE

: being a score that adds to a team's lead and makes it impossible for the opposing team to tie the game with its next score <an insurance run>

First Known Use of INSURANCE

1954

INSURANCE Defined for Kids

insurance

noun in·sur·ance \in-ˈshu̇r-əns\

Definition of INSURANCE for Kids

: an agreement by which a person pays a company and the company promises to pay money if the person becomes injured or dies or to pay for the value of property lost or damaged

: the amount for which something is insured

: the business of insuring persons or property