from
The Collaborative International Dictionary of English v.0.48
Insurance \In*sur"ance\, n. [From {Insure}.]
[1913 Webster]
1. 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.
[1913 Webster]
Note: The person who undertakes to pay in case of loss is
termed the insurer; the danger against which he
undertakes, the risk; the person protected, the
insured; the sum which he pays for the protection, the
premium; and the contract itself, when reduced to form,
the policy. --Johnson's Cyc.
[1913 Webster]
2. The premium paid for insuring property or life.
[1913 Webster]
3. The sum for which life or property is insured.
[1913 Webster]
4. A guaranty, security, or pledge; assurance. [Obs.]
[1913 Webster]
The most acceptable insurance of the divine
protection. --Mickle.
[1913 Webster]
5. Hence: Any means of assuring against loss; a precaution;
as, we always use our seat belts as insurance against
injury.
[PJC]
{Accident insurance}, insurance against pecuniary loss by
reason of accident to the person.
{Endowment insurance} or {Endowment assurance}, a combination
of life insurance and investment such that if the person
upon whose life a risk is taken dies before a certain
specified time the insurance becomes due at once, and if
he survives, it becomes due at the time specified. Also
called {whole life insurance}.
{Fire insurance}. See under {Fire}.
{Insurance broker}, a broker or agent who effects insurance.
{Insurance company}, a company or corporation whose business
it is to insure against loss, damage, or death.
{Insurance policy}, a certificate of insurance; the document
containing the contract made by an insurance company with
a person whose property or life is insured.
{Life insurance}. See under {Life}.
[1913 Webster]