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English definition of “insurance”

insurance

noun     /ɪnˈʃʊərəns/
[C or U] INSURANCE an agreement in which you pay a company money, either in one payment or in regular payments, and they pay your costs, for example, if you lose or damage something, or have an accident, injury, etc.: car/holiday/home/health, etc. insurance an insurance plan/policy to buy/sell insurance insurance contributions/payments/premiums insurance against sth You can take out insurance against employee injury.offer/provide/refuse insurance Have you ever been refused car insurance in the past? arrange/obtain/take out insurance You must make sure you take out insurance on the contents of your house.have insurance Ensure you have sufficient insurance to cover the cost of replacing your valuables.be covered by (the) insurance Unfortunately, stolen personal belongings are not covered by the insurance.claim on the/your insurance I claimed on the insurance for the damage to the furniture.insurance pays for sth/covers sb/sth This insurance covers the cost of their mortgage but they are considering more life cover. Most insurances won't cover you if you take part in any dangerous sporting activities.
[U] INSURANCE the business of selling insurance: He's worked in insurance for over 20 years. the insurance industry an insurance company
[U] INSURANCE money that is paid to an insurance company: They ask for 8% extra from customers who pay insurance by direct debit instead of as a lump sum.
[U] INSURANCE money that is paid by an insurance company: I had to cancel the trip, but I got back nearly $1000 in insurance.
(Definition of insurance noun from the Cambridge Business English Dictionary © Cambridge University Press)
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