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A business that involves selling people promises to pay later that are never fulfilled.
Gomer paid flood insurance premium for years, but then the insurer decided to go out of business when the flood came because management had spent all the premium on hookers and private jets.
by Cunningest Linguist July 19, 2008
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Particularly auto insurance.

One of the biggest rackets to exist, insurance allegedly offers money to cover for accidents.

The way this works is that they take a monthly premium. Many people pay this premium, it collects into a big pool, and anyone who has an accident gets a share of this money to fix his car. Sounds simple right?

What actually happens is one pays the insurance monthly for years without having an accident. When one does get into an accident, their insurance premium goes up (almost doubles in some cases). People argue that this is to cover the cost of damage.

What then, about the previous years of insurance one paid? What was the point of all the accident free driving if the company increases the client's monthly premium to cover the accident?

As one can tell, insurance has evolved from what was supposed to be a welfare concept to one of the biggest scams, preventing young drivers and students who are just starting to drive on a tight budget from ever driving again, using public transport for ever.
"Auto insurance is the biggest scam ever"

by deadbunny97 September 07, 2016
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A form of gambling.

A way to get free money.
1) I might get an accident and get insurance money!

2) I'm going to cause an accident and get insurance money!
by Flibby December 07, 2005
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The thing your wife and two kids wish you bought before you stepped in front of that commuter train while listening to metal music on your headphones.
by axmeaq May 01, 2011
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Insurance is a big international industry employing thousands of people. It has a turnover of billions of dollars.
The Insurance Industry started at Edward Lloyd's coffee house in London in the late 1680s. Edward Lloyd's was a popular meeting spot for master mariners, merchants and ship owners. All the news about the departures of ships, their estimated time of arrival at the port to which they were sailing ,and the cargoes being carried was discussed over coffee and something to eat. Lloyds rapidly became the place where ships and their cargoes were insured against loss at sea. Today Lloyds of London is still the leading marine and specialist insurance market in the world.
by St. Ias September 17, 2005
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The act of preemptively cheating on your significant other *just in case* they cheat/are cheating on you. That way if they ever cheat, you have an ace in the hole.

Very similar to the well documented Prisoner's Dilemma.
Guy 1: You hooked up with Emily? Thought you had a girlfriend
Guy 2: It was just insurance, nothing serious
Guy 1: You don't trust your girl?
Guy 2: She went on Spring Break with a bunch of dudes, WTF am I supposed to think?
Guy 1: Yeah I feel you
by DatBoyCrazy June 02, 2011
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A female friend you put on 'back-burner' when you are dating someone or getting close to, so if that the relationship ends, you still have her to go to.
That bitch girl dumped me, but her best friend was my insurance, so I won in the end.
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