Definition of insurance

• 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. - The premium paid for insuring property or life.
• n. - The sum for which life or property is insured.
• n. - A guaranty, security, or pledge; assurance.