Coverage by contract whereby one party undertakes to indemnify or guarantee another against loss by a specified contingency or peril

Simple Definition of insurance

An agreement in which a person makes regular payments to a company and the company promises to pay money if the person is injured or dies, or to pay money equal to the value of something (such as a house or car) if it is damaged, lost, or stolen

The amount of money a person regularly pays an insurance company as part of an insurance agreement

The amount of money that a person receives from an insurance company

http://www.merriam-webster.com/dictionary/insurance

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