Advance Definition of Insurance

An agreement by which a company or the state undertakes to provide a guarantee of payment for particular loss, damage, disease, or death in return for payment of a specified premium.

1. A thing providing shield or protection against a possible contingency.
2. A contract (policy) in which an individual obtains financial protection or reimbursement against fatalities from an insurance company. The company pools clients' risks to make payments more affordable for the insured.
3. A coverage by contract whereby one party undertakes to cover or guarantee another against loss by a specified eventuality or hazard.
4. A means of guaranteeing protection or safety. The contract is your insurance against price changes.
5. Risk-transfer mechanism that ensures full or partial  financial  compensation for the loss or damage caused by event or eventualities beyond the control of the insured party.
6. An undertaken of compensation for specific potential  future  fatalities in exchange for a periodic payment.
7. When you pay premium in exchange for a policy that pays out when you collide your car in a car accident, this is an example of an auto insurance policy.
8. When you save money in case you lose your job and are out of work, this is an example of insurance in case you lose your job.
9. A contract whereby, for specified deliberation, one party undertakes to compensate the other for a loss relating to a particular subject as a result of the incidence of designated risk.
10. Insurance is the equitable transfer of the risk of a loss, from one individual to another in exchange for payment.
11. Insurance is the main way for businesses and individuals to decrease the financial collision of a risk taking place.
12. Life Insurance is the key to good financial planning. On one hand, it safeguards your money and on the other, ensures its growth, thus providing you with complete financial well being.
13. Insurance helps you protect yourself against risks like a house fire, car accident or burglary. You can also get insurance that pays you money if you get too ill to work or to provide for your family if you die.
14. An agreement in which you pay a company money and they  pay your  costs if you have an accident, injury, etc.
15. Insurance is like a shelter to protect individuals from risk of uncertain incidents, dangers and risks.  It’s a contract that transfers the risk of financial loss from an individual or business to an insurer. 
16. Insurance is a form of risk management, primarily used to evade against the risk of a contingent or an uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment.