Insurance is a means of protection from financial loss. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss. An entity which provides insurance is known as an insurer, an insurance company, an insurance carrier or an underwriter.

What does it mean when something is insured?

Something that's insured is protected by an insurance policy — in other words, its loss or damage will be compensated by an insurance company. ... If you have a life insurance policy or insurance that covers your health care, you are also insured.

What is the meaning of insured person?

a person whose interests are protected by an insurance policy; a person who contracts for an insurance policy that indemnifies him against loss of property or life or health etc. synonyms: insured. type of: individual, mortal, person, somebody, someone, soul.