There are various definitions and meanings of insurance. Here is an analysis of the various definitions given by authorities.

Olopete (2001:1) defines insurance as an arrangement by which one party (the insurer) makes a promise to compensate another party (the insured) financially or otherwise if the insured suffers a loss due to an agreed event (peril) in return for a fixed consideration called premium to be paid by the insured.

Alternatively, insurance is also defined as a device for the reduction of uncertainties of one party (the insured) by another (the insurer) who offers restoration (partly or fully) from the pool of fund in return for the payment of a consideration called premium to be paid by the insured.

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