What does "insurance" mean?

1. (financial protection) an agreement where you pay a company money and they pay your costs if something bad happens, like a car crash or a fire. 2. (the industry) the business of providing financial protection to people and companies. 3. (a safety measure) something you do to protect yourself against a possible problem in the future. 4. (a policy document) the actual document or contract that shows you are protected.

How do you use "insurance"?

Often used as an uncountable noun, but can be countable when referring to specific types (e.g., 'different insurances').

insurance

US //ˌɪnˈʃʊɹəns// UK //ɪnʃˈɔːɹəns// in·sur·ance

1 financial protection (n.)
B1 Intermediate

an agreement where you pay a company money and they pay your costs if something bad happens, like a car crash or a fire.

a contract or system providing financial protection or reimbursement against specified types of loss or damage.

Example

You need to have valid car insurance before you are allowed to drive on the road.

Example

The homeowner discovered that his standard insurance did not cover damage caused by rising floodwaters, leaving him with significant repair costs.

Usage

Often used as an uncountable noun, but can be countable when referring to specific types (e.g., 'different insurances').
2 the industry (n.)
B2 Upper Intermediate

the business of providing financial protection to people and companies.

the commercial sector or industry involved in the provision of insurance policies.

Example

After finishing university, she found a well-paying job in insurance.

Example

The insurance industry has faced unprecedented challenges due to the increasing frequency of climate-related natural disasters.
- finance
- underwriting

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3 a safety measure (n.)
B2 Upper Intermediate

something you do to protect yourself against a possible problem in the future.

a precautionary measure taken to guard against a potential negative outcome.

Example

I took a spare battery with me as insurance in case my phone died.

Example

The team signed a veteran goalkeeper as insurance against their primary starter suffering another mid-season injury.
- precaution
- safeguard
- back up
4 a policy document (n.)
B2 Upper Intermediate Law

the actual document or contract that shows you are protected.

a specific insurance policy or contract document.

Example

Please keep your insurance in a safe place where you can find it easily.

Example

The legal department requested a copy of the insurance to verify the liability limits before signing the partnership agreement.
- policy
- contract

Origin

From the older form ensurance, see also assurance. By surface analysis, insure + -ance.

Word family

Verbinsure
Nouninsurance
Nouninsurer
Nounreinsurance