Definition

1. Noun:
   • Protection against future loss: A financial arrangement that provides compensation for specific potential losses, damages, illness, or death in exchange for regular payments.
   • A written contract or certificate of insurance: The formal policy document that details the terms, conditions, and coverage of the insurance agreement.
   • A promise of reimbursement in the case of loss: The guarantee from an insurer to pay a sum of money to the policyholder or beneficiaries if a specified event occurs.

Examples of Usage

• Noun:
  • Health insurance is essential for covering medical expenses.
  • He filed a claim with his car insurance company after the accident.
  • The small print in the insurance policy contained important exclusions.

Advanced Usage

• "to have insurance on/against something": to be covered by a policy for a specific risk.
  • Do you have insurance against flood damage?
• "to take out insurance": to purchase an insurance policy.
  • We took out life insurance when we had our first child.

Variants and Related Words

• Insure (verb): To arrange for compensation in the event of damage, loss, or injury; to take out insurance.
  • It is wise to insure your valuable possessions.
• Insurer (noun): The company that provides insurance policies.
  • The insurer processed the claim quickly.
• Insurable (adjective): Capable of being insured.
  • The risk was deemed insurable by the company.

Synonyms

• Coverage: The extent of protection afforded by an insurance policy.
• Assurance: (Chiefly British) A specific type of insurance, especially life insurance.
• Indemnity: Protection or security against damage or loss, often used in legal and insurance contexts.

Related Phrases (Phrasal Verbs)

• Insure against: To protect oneself financially from a specific risk by purchasing insurance.
  • The business insured itself against lawsuits.

Related Idioms

• A safety net: Something that provides security against misfortune (conceptually related to insurance).
  • Savings can act as a financial safety net, similar to insurance.
• Better safe than sorry: It is wiser to be cautious and prepared (the principle behind buying insurance).
  • I bought travel insurance—better safe than sorry.

Noun

1. protection against future loss
2. written contract or certificate of insurance
   • you should have read the small print on your policy
3. 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