insurance
Definition
A contractual arrangement in which one party (the insurer) agrees to compensate another (the insured) for specific potential future losses or damages in exchange for regular premium payments.
The business or industry of providing such contracts and managing risks on a large scale.
Any form of protection or safeguard against potential loss, harm, or misfortune.
Examples
After his cat shredded the couch for the third time, Mike finally caved and got pet destruction insurance – because who knew whiskers could be so costly.
She bought insurance for her vintage sneaker collection, reasoning that if resell values tanked, at least she'd recoup the L on those limited drops.
My insurance covers 'acts of God,' but when my neighbor's drone photobombed my barbecue, I wondered if petty aerial sabotage qualified.
He skipped travel insurance for his budget flight, only to learn that 'lost luggage' includes the existential dread of arriving sockless.