[noncount] 1 : 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
▪ life insurance ▪ insurance against theft or damage ▪ health/medical insurance ▪ auto insurance ▪ He was very glad that he had taken out insurance on the boat. [=that he had insured the boat] — see also national insurance 2 a : the amount of money a person regularly pays an insurance company as part of an insurance agreement
▪ What's the monthly insurance on your car? [=how much money do you pay each month for insurance for your car?]
b : the amount of money that a person receives from an insurance company
▪ After the fire, we used the insurance (money) to buy a new house. 3 : the business of providing insurance
▪ She has a job in insurance. ▪ I work for an insurance company. 4 : protection from bad things that may happen in the future — usually + against ▪ Education provides insurance against instability in the job market. ▪ The contract provides insurance against future price changes.