insurance

An arrangement in which you pay a company that helps cover costs if you suffer damage, illness, or loss.

• My car insurance is expensive.
• Her insurance paid for the repairs.
• Does your travel insurance cover medical costs?

How to use it: insurance against something (We bought insurance against theft.); insurance for something (Do you have insurance for your car?)

Similar words: coverage, cover

Common phrases: car insurance, health insurance, travel insurance, insurance policy

The business of selling financial protection against accidents, illness, damage, or loss.

• She works in insurance.
• He left banking for a career in insurance.
• Several large companies dominate the insurance industry.

Common phrases: work in insurance, insurance industry, insurance business, insurance sector