Origin: Latin suffix -ance
Insurance has 4 different meanings across 1 category:
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
"After paying her monthly premiums, she felt secure knowing that the insurance would reimburse her for any medical costs resulting from a car accident."
written contract or certificate of insurance
"you should have read the small print on your policy"
A means of indemnity against a future occurrence of an uncertain event.
"Before we can start renovating our kitchen, I need to secure insurance that will cover any unexpected water damage from the pipes bursting during construction."
In plain English: Insurance is a promise to pay for big losses if something bad happens, as long as you agree to pay a small regular fee.
"She bought car insurance to protect herself against any accidents."
Usage: Insurance is a financial arrangement where you pay premiums to a company in exchange for compensation if a specific loss or damage occurs. It protects your assets by shifting the risk of an uncertain event from you to the insurer.
The word insurance comes from the Middle French term ensurance, which was originally a variant of assurance. It entered English with the meaning of protection against loss or damage, evolving slightly in spelling but retaining its core sense over time.