Main Entry: ¹in·sur·ance

Pronunciation: \in-ˈshu̇r-ən(t)s also ˈin-ˌ\

Function: noun

Date: 1651

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>