Specifically, to secure against a loss by a contingent
   event, on certain stipulated conditions, or at a given rate or premium;
   to give or to take an insurance on or for; as, a merchant insures his
   ship or its cargo, or both, against the dangers of the sea; goods and
   buildings are insured against fire or water; persons are insured
   against sickness, accident, or death; and sometimes hazardous debts are
   insured.