As a Noun: 1. An agreement in which you pay a fixed sum of money to a special company, usually each year. Then, if you become ill or if your property is damaged or stolen, the company pays you a sum of money. English = insurance. As a Verb or Adjective: 1. To pay money to an insurance company so that, if you become ill or if your property is damaged or stolen, the company will pay you a sum of money. English = insure.