insurance
US /ɪnˈʃɝː.əns/
UK /ɪnˈʃɝː.əns/
1.
an arrangement by which a company or the state undertakes to provide a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a specified premium.
:
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I need to get car insurance before I can drive.
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Health insurance is essential for unexpected medical expenses.
2.
the business of providing insurance.
:
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The insurance industry is highly regulated.
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Many companies offer various types of insurance.