insurance

/ɪnˈʃʊrəns/

/ɪnˈʃʊərəns/

Other forms: insurances

Insurance is a contract where you pay a little money at a time so you can be compensated later, especially in the case of a disaster.

Many people consider insurance to be making a kind of bet that bad things will happen: that's a good bet to make, because nobody is lucky forever. Legally, you need car insurance to drive. Without medical insurance, a serious illness could leave you broke. Life insurance is important so your family gets support when you die. House or apartment insurance will help if you have a fire. Insurance agents sell insurance policies, and they always have lots of customers.

Definitions of insurance

1. noun

   protection against future loss
   synonyms: indemnity

   type of:

   protection, shelter

   the condition of being protected
2. noun

   promise of reimbursement in the case of loss; paid to people or companies so concerned about hazards that they have made prepayments to an insurance company
   types:

   assurance

   a British term for some kinds of insurance

   automobile insurance, car insurance

   insurance against loss due to theft or traffic accidents

   business interruption insurance

   insurance that provides protection for the loss of profits and continuing fixed expenses resulting from a break in commercial activities due to the occurrence of a peril

   coinsurance

   insurance issued jointly by two or more underwriters

   fire insurance

   insurance against loss due to fire

   group insurance

   insurance that is purchased by a group (such as the employees of a company) usually at a reduced rate to individual members of the group

   hazard insurance

   insurance that provides protection against certain risks such as storms or fires

   health insurance

   insurance against loss due to ill health

   liability insurance

   insurance that provides protection from claims arising from injuries or damage to other people or property

   life assurance, life insurance

   insurance paid to named beneficiaries when the insured person dies

   malpractice insurance

   insurance purchased by physicians and hospitals to cover the cost of being sued for malpractice

   reinsurance

   sharing the risk by insurance companies; part or all of the insurer's risk is assumed by other companies in return for part of the premium paid by the insured

   self-insurance

   insuring yourself by setting aside money to cover possible losses rather than by purchasing an insurance policy

   term insurance

   low-cost insurance that is valid only for a stated period of time and has no cash surrender value or loan value

   no fault automobile insurance, no fault insurance

   a system of automobile insurance where a party who is injured in an automobile accident recovers damages up to a specific amount against his own insurance company regardless of who was responsible for the accident

   hospitalisation, hospitalization, hospitalization insurance

   insurance that pays all or part of a patient's hospital expense

   endowment insurance

   life insurance for a specified amount which is payable to the insured person at the expiration of a certain period of time or to a designated beneficiary immediately upon the death of the insured

   tontine, tontine insurance

   a form of life insurance whereby on the death or default of a participant his share is distributed to the remaining members

   ordinary life insurance, straight life insurance, whole life insurance

   insurance on the life of the insured for a fixed amount at a definite premium that is paid each year in the same amount during the entire lifetime of the insured

   HMO, health maintenance organization

   group insurance that entitles members to services of participating hospitals and clinics and physicians

   type of:

   protection, security

   defense against financial failure; financial independence
3. noun

   written contract or certificate of insurance
   synonyms: insurance policy, policy

   types:

   floater, floating policy

   an insurance policy covering loss of movable property (e.g. jewelry) regardless of its location

   type of:

   contract

   a binding agreement between two or more persons that is enforceable by law