insurance
Definitions
A practice or arrangement by which a company or government agency provides a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a premium.
A thing providing protection against a possible eventuality.
Examples
It is important to have health insurance to cover unexpected medical expenses.
The company requires all employees to provide proof of car insurance before driving for work.
Synonyms
assurance indemnity protection coverage security guarantee safeguard