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From Wikipedia: Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of a contingent loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for a premium, and can be thought of as a guaranteed and known small loss to prevent a large, possibly devastating loss. An insurer is a company selling the insurance; an insured or policyholder is the person or entity buying the insurance. The insurance rate is a factor used to determine the amount to be charged for a certain amount of insurance coverage, called the premium. Risk management, the practice of appraising and controlling risk, has evolved as a discrete field of study and practice.Commercially insurable risks typically share seven common characteristics.The technical definition of "indemnity" means to make whole again. There are two types of insurance contracts; See more...

From Bouvier's Law Dictionary, Revised 6th Ed (1856): Insurance \In*sur"ance\, n. [From Insure.] [1913 Webster] 1. The act of insuring, or assuring, against loss or damage by a contingent event; a contract whereby, for a stipulated consideration, called premium, one party undertakes to indemnify or guarantee another against loss by certain specified risks. Cf. Assurance, n., 6. [1913 Webster] Note: The person who undertakes to pay in case of loss is termed the insurer; the danger a ... See more description