Insurance

Definition

Insurance is a noun that refers to a contract or arrangement in which a company or state guarantees compensation for specified losses, damage, illness, or death in exchange for payment of a premium. It can also refer to protection or a safeguard against potential risks.

Parts of Speech

• Noun

Pronunciation

American English

• IPA Pronunciation: /ɪnˈʃʊrəns/, /ˈɪnʃərəns/
• Respelling: in-SHUR-uhns, IN-shur-uhns

British English

• IPA Pronunciation: /ɪnˈʃʊərəns/, /ˈɪnʃərəns/
• Respelling: in-SHUR-uhns, IN-shur-uhns

Etymology

The word "insurance" originates from Middle English "ensurance," derived from Old French "enseurance," meaning "assurance" or "a making sure." It traces back to the Latin "securus," meaning "free from care."

Derivatives

• Insure (verb)
• Insured (noun/adjective)
• Insurer (noun)
• Uninsured (adjective)
• Reinsurance (noun)

Synonyms

• Coverage
• Protection
• Guarantee

Antonyms

• Risk
• Vulnerability
• None

Usage

The noun "insurance" is used in contexts related to financial protection and risk management. For example, "He purchased car insurance to cover potential accidents" or "Life insurance provides financial security to one's family after death."

Related Terms

• Policy: A contract detailing the terms of insurance.
• Premium: The amount paid for insurance coverage.
• Risk: The possibility of loss or injury.

Detailed Definitions

Noun

• A contract guaranteeing compensation for specific losses: Refers to agreements providing financial protection.
  • Example: "The company offers health insurance for its employees."
• Protection against potential risks: Refers to measures ensuring security or minimizing uncertainty.
  • Example: "Having an emergency fund acts as a form of insurance."
• Coverage provided by an insurer: Refers to the scope of risks covered under an insurance policy.
  • Example: "The policy includes insurance against theft and fire."