insurance - promise of reimbursement in the case of loss; paid to people or companies so concerned about hazards that they have made prepayments to an insurance companyprotection, security - defense against financial failure; financial independence; "his pension gave him security in his old age"; "insurance provided protection against loss of wages due to illness" assurance - a British term for some kinds of insurance business interruption insurance - insurance that provides protection for the loss of profits and continuing fixed expenses resulting from a break in commerical activities due to the occurrence of a peril coinsurance - insurance issued jointly by two or more underwriters group insurance - insurance that is purchased by a group (such as the employees of a company) usually at a reduced rate to individual members of the group hazard insurance - insurance that provides protection against certain risks such as storms or fires liability insurance - insurance that provides protection from claims arising from injuries or damage to other people or property life assurance, life insurance - insurance paid to named beneficiaries when the insured person dies; "in England they call life insurance life assurance" malpractice insurance - insurance purchased by physicians and hospitals to cover the cost of being sued for malpractice; "obstetricians have to pay high rates for malpractice insurance" reinsurance - sharing the risk by insurance companies; part or all of the insurer's risk is assumed by other companies in return for part of the premium paid by the insured; "reinsurance enables a client to get coverage that would be too great for any one company to assume" self-insurance - insuring yourself by setting aside money to cover possible losses rather than by purchasing an insurance policy term insurance - low-cost insurance that is valid only for a stated period of time and has no cash surrender value or loan value; "term insurance is most often associated with life insurance policies" |