Full Definition of INSURANCE

: an agreement in which a person makes regular payments to a company and the company promises to pay money if the person is injured or dies, or to pay money equal to the value of something (such as a house or car) if it is damaged, lost, or stolen
: the amount of money a person regularly pays an insurance company as part of an insurance agreement

: the amount of money that a person receives from an insurance company

1

a :  the business of insuring persons or property

b :  coverage by contract whereby one party undertakes to indemnify or guarantee another against loss by a specified contingency or peril

c :  the sum for which something is insured

2

:  a means of guaranteeing protection or safety <the contract is your insurance against price changes>