Insurance

n. contract by which property or persons are guaranteed against damage or loss; something which protects or guarantees safety

Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of a contingent loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for a premium. Insurer, in economics, is the company that sells the insurance. Insurance rate is a factor used to determine the amount, called the premium, to be charged for a certain amount of insurance coverage.  Risk management, the practice of appraising and controlling risk, has evolved as a discrete field of study and practice.
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Noun
1. 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
(hypernym) security, protection
(hyponym) assurance
(derivation) cover, insure, underwrite
2. written contract or certificate of insurance; "you should have read the small print on your policy"
(synonym) policy, insurance policy
(hypernym) contract
(hyponym) floater, floating policy
3. protection against future loss
(synonym) indemnity
(hypernym) protection, shelter
(derivation) insure

(n.)
The sum for which life or property is insured.
  

(n.)
The premium paid for insuring property or life.
  

(n.)
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.
  

(n.)
A guaranty, security, or pledge; assurance.
  

See Armour, as insurance