What is the meaning of insurance

Definition: A financial risk management tool in which the insured transfers a risk of potential financial loss to the insurance company that mitigates it in exchange for monetary compensation known as the premium.

Description: Insurance policies, a contract between the policyholder and the insurance company, are of different types depending on the risk they mitigate. Broad categories include life, health, motor, travel, home, rural, commercial and business insurance.

The Insurance Regulatory and Development Authority, an agency of the Government of India, is the regulatory body for the insurance sector’s supervision and development in India.

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[ in-shoor-uhns, -shur- ]

/ ɪnˈʃʊər əns, -ˈʃɜr- /

the act, system, or business of insuring property, life, one's person, etc., against loss or harm arising in specified contingencies, as fire, accident, death, disablement, or the like, in consideration of a payment proportionate to the risk involved.

coverage by contract in which one party agrees to indemnify or reimburse another for loss that occurs under the terms of the contract.

the contract itself, set forth in a written or printed agreement or policy.

the amount for which anything is insured.

any means of guaranteeing against loss or harm: Taking vitamin C is viewed as an insurance against catching colds.

of or relating to a score that increases a team's lead and insures that the lead will be held if the opposing team should score once more: The home run gave the team an insurance run, making the score 7-5.

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First recorded in 1545–55; insure + -ance

non·in·sur·ance, nounpre·in·sur·ance, nounpro·in·sur·ance, adjective

insuperable, insupportable, insuppressible, insurable, insurable interest, insurance, insurant, insure, insured, insurer, insurgence

Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2022

allowance, coverage, guarantee, assurance, backing, cover, indemnification, indemnity, provision, safeguard, support, warrant, warranty

  • The company blames its financial demise on its insurance, which didn’t pay to insulate Century 21 from business interruptions caused by the coronavirus pandemic.

  • He said the interests of insurance companies and the interests of their customers were aligned when it came to the goal of helping people live longer, healthier lives.

  • “I’d put a well down there, pump it once a month and let it sit there as an insurance policy,” one hydrologist said.

  • Many insurance companies, recognizing the likelihood that it would happen again, declined to renew policies and left the state.

  • Try and avoid using the main keyword like “casino” or “insurance” too often.

  • His life as a man is built around health insurance and tax services.

  • His father, a writer, and his mother, who worked in insurance, were flawless.

  • She freely admits that she was using both to self-medicate after she lost her insurance.

  • More importantly, Medicaid served as a secondary insurance to his primary insurance.

  • Most of them have insurance, and only a small percentage face catastrophic illness.

  • He has come to believe in such things as old age pensions and national insurance.

    The Unsolved Riddle of Social Justice|Stephen Leacock

  • Suppose one goes to the office of a general insurance agent to get insurance on his home.

    Putnam's Handy Law Book for the Layman|Albert Sidney Bolles

  • Even the purest selfishness would dictate a policy of social insurance.

    The Unsolved Riddle of Social Justice|Stephen Leacock

  • A delivery of a policy therefore, to an insurance broker, would be a delivery to his principal.

    Putnam's Handy Law Book for the Layman|Albert Sidney Bolles

  • It was possible that no insurance company would take the risk on an expensive building in such a quarter.

    Ancestors|Gertrude Atherton

  1. the act, system, or business of providing financial protection for property, life, health, etc, against specified contingencies, such as death, loss, or damage, and involving payment of regular premiums in return for a policy guaranteeing such protection
  2. the state of having such protection
  3. Also called: insurance policy the policy providing such protection
  4. the pecuniary amount of such protection
  5. the premium payable in return for such protection
  6. (as modifier)insurance agent; insurance broker; insurance company

a means of protecting or safeguarding against risk or injury

Collins English Dictionary - Complete & Unabridged 2012 Digital Edition © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012

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