in·sur·ance  inˈSHo͝orəns/

noun

• 1.

  a practice or arrangement by which a company or government agency provides a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a premium.

  "many new borrowers take out insurance against unemployment or sickness"

  synonyms:indemnity, indemnification, assurance, (financial) protection, security,coverage

  "insurance for his new car"

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• 2.

  a thing providing protection against a possible eventuality.

  "adherence to high personal standards of conduct is excellent insurance againstpersonal problems"

  synonyms:protection, defense, safeguard, security, hedge, precaution, provision,surety; More