Webster's English Dictionary

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insurance

in.sur.ance \in-'shu.r-*n(t)s, chiefly South 'in-.\ n 1a: the action or 
   process of insuring : the state of being insured  1b: means of insuring  
   2a: the business of insuring persons or property  2b: coverage by contract 
   whereby one party undertakes to indemnify or guara ntee another against 
   loss by a specified contingency or peril 2c: the sum for which something is 
   insured