Insurance

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.

The premium paid for insuring property or life.

The sum for which life or property is insured.

A guaranty, security, or pledge; assurance.

written contract or certificate of insurance; "you should have read the small print on your policy"

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