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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(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

A system whereby individuals or companies apprehensive about property loss or damage make payments in the form of premiums to an insurance company, who pays an agreed upon sum to the insured in the event of loss.