insurance

noun | \ in-ˈshu̇r-əns, ˈin-ˌshu̇r- \ | in·sur·ance

1. : the action, process, or means of insuring or the state of being insured usually 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