insurance

Insurance is a contract where you pay a little money at a time so you can be compensated later, especially in the case of a disaster.

Many people consider insurance to be making a kind of bet that bad things will happen: that's a good bet to make, because nobody is lucky forever. Legally, you need car insurance to drive. Without medical insurance, a serious illness could leave you broke. Life insurance is important so your family gets support when you die. House or apartment insurance will help if you have a fire. Insurance agents sell insurance policies, and they always have lots of customers.

Definitions of insurance
  1. noun
    protection against future loss
    synonyms: indemnity
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    type of:
    protection, shelter
    the condition of being protected
  2. noun
    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
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    types:
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    assurance
    a British term for some kinds of insurance
    automobile insurance, car insurance
    insurance against loss due to theft or traffic accidents
    business interruption insurance
    insurance that provides protection for the loss of profits and continuing fixed expenses resulting from a break in commercial activities due to the occurrence of a peril
    coinsurance
    insurance issued jointly by two or more underwriters
    fire insurance
    insurance against loss due to fire
    group insurance
    insurance that is purchased by a group (such as the employees of a company) usually at a reduced rate to individual members of the group
    hazard insurance
    insurance that provides protection against certain risks such as storms or fires
    health insurance
    insurance against loss due to ill health
    liability insurance
    insurance that provides protection from claims arising from injuries or damage to other people or property
    life assurance, life insurance
    insurance paid to named beneficiaries when the insured person dies
    malpractice insurance
    insurance purchased by physicians and hospitals to cover the cost of being sued for malpractice
    reinsurance
    sharing the risk by insurance companies; part or all of the insurer's risk is assumed by other companies in return for part of the premium paid by the insured
    self-insurance
    insuring yourself by setting aside money to cover possible losses rather than by purchasing an insurance policy
    term insurance
    low-cost insurance that is valid only for a stated period of time and has no cash surrender value or loan value
    no fault automobile insurance, no fault insurance
    a system of automobile insurance where a party who is injured in an automobile accident recovers damages up to a specific amount against his own insurance company regardless of who was responsible for the accident
    hospitalization, hospitalization insurance
    insurance that pays all or part of a patient's hospital expense
    endowment insurance
    life insurance for a specified amount which is payable to the insured person at the expiration of a certain period of time or to a designated beneficiary immediately upon the death of the insured
    tontine, tontine insurance
    a form of life insurance whereby on the death or default of a participant his share is distributed to the remaining members
    ordinary life insurance, straight life insurance, whole life insurance
    insurance on the life of the insured for a fixed amount at a definite premium that is paid each year in the same amount during the entire lifetime of the insured
    HMO, health maintenance organization
    group insurance that entitles members to services of participating hospitals and clinics and physicians
    type of:
    protection, security
    defense against financial failure; financial independence
  3. noun
    written contract or certificate of insurance
    synonyms: insurance policy, policy
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    types:
    floater, floating policy
    an insurance policy covering loss of movable property (e.g. jewelry) regardless of its location
    type of:
    contract
    a binding agreement between two or more persons that is enforceable by law
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