in·sur·ance /in-'shu̇r-əns, 'in-ˌshu̇r-/ n
1: the action, process, or means of insuring or the state of being insured usu. against loss or damage by a contingent event (as death, fire, accident, or sickness)
2 a: the business of insuring persons or property
b: coverage by contract whereby for an agreed payment one party agrees to indemnify or guarantee another against loss by a specified contingency or peril
c: the principles and practice of the business of insuring
3: the sum for which something is insured
Merriam-Webster’s Dictionary of Law. Merriam-Webster. 1996.