Meaning of the word "unemployment insurance" in English

What does "unemployment insurance" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

unemployment insurance

US /ʌnɪmˈplɔɪmənt ɪnˈʃʊrəns/
UK /ʌnɪmˈplɔɪmənt ɪnˈʃʊrəns/
"unemployment insurance" picture

Noun

1.

a system of government payments to people who are temporarily out of work

Example:
After losing his job, he applied for unemployment insurance.
Many people rely on unemployment insurance during economic downturns.
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