Insurance Definition & Meaning | Britannica Dictionary (original) (raw)

Britannica Dictionary definition of INSURANCE

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1

:

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

• life insurance
• insurance against theft or damage
• health/medical insurance
• auto insurance
• He was very glad that he had taken out insurance on the boat. [=that he had insured the boat]

— see also national insurance

2

a

:

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

• What's the monthly insurance on your car? [=how much money do you pay each month for insurance for your car?]

b

:

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

• After the fire, we used the insurance (money) to buy a new house.

3

:

the business of providing insurance

• She has a job in insurance.
• I work for an insurance company.

4

:

protection from bad things that may happen in the future

— usually + against

• Education provides insurance against instability in the job market.
• The contract provides insurance against future price changes.