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    insurance
    /ɪnˈʃʊərəns/

    noun

    • 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: "many new borrowers take out insurance against unemployment or sickness" Similar indemnityindemnification(financial) protectionsecurity
    • 2. a thing providing protection against a possible eventuality: "jackets were hung on the back of their chairs, insurance against an encounter with air-conditioning" Similar protectiondefencesafeguardsafety measure

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