Insurance: meaning, definitions and examples

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insurance

 

[ ɪnˈʃʊərəns ]

Context #1 | Noun

financial protection

Insurance is a contract that provides financial protection against loss or harm. It is a way for individuals and companies to protect themselves against unexpected events.

Synonyms

coverage, protection, security

Examples of usage

  • Having insurance can help you feel more secure about your financial future.
  • If you have car insurance, the company will cover the cost of repairs if you get into an accident.
Context #2 | Noun

business

Insurance is also a business that sells coverage in the form of policies. These policies outline the terms and conditions of the insurance agreement.

Synonyms

insurance company, insurer, underwriter

Examples of usage

  • The insurance industry plays a crucial role in the economy by managing risk for individuals and businesses.
  • Insurance companies compete to offer the best coverage at competitive rates.
Context #3 | Noun

healthcare

Health insurance is a type of coverage that pays for medical and surgical expenses incurred by the insured. It helps individuals manage the high costs of healthcare.

Synonyms

health coverage, healthcare plan, medical insurance

Examples of usage

  • Many employers offer health insurance as part of their benefits package.
  • If you have health insurance, you can visit a doctor without worrying about the bill.

Translations

Translations of the word "insurance" in other languages:

🇵🇹 seguro

🇮🇳 बीमा (Bīma)

🇩🇪 Versicherung

🇮🇩 asuransi

🇺🇦 страхування

🇵🇱 ubezpieczenie

🇯🇵 保険 (Hoken)

🇫🇷 assurance

🇪🇸 seguro

🇹🇷 sigorta

🇰🇷 보험 (Boheom)

🇸🇦 تأمين (Ta'min)

🇨🇿 pojištění

🇸🇰 poistenie

🇨🇳 保险 (Bǎoxiǎn)

🇸🇮 zavarovanje

🇮🇸 trygging

🇰🇿 сақтандыру (saqtandyru)

🇬🇪 დაზღვევა (dazghveva)

🇦🇿 sığorta

🇲🇽 seguro

Word origin

The concept of insurance dates back thousands of years, with early forms of risk management seen in ancient civilizations. The modern insurance industry began to take shape in the 17th century, with the establishment of companies that provided coverage for various risks. Over time, insurance evolved to cover a wide range of areas, including property, health, life, and more. Today, insurance plays a crucial role in safeguarding individuals and businesses against financial losses due to unforeseen events.

See also: insurer.

Word Frequency Rank

At #834 in the frequency ranking, this word is highly important for effective communication. It's commonly used in daily situations and should be prioritized in your vocabulary building.