Able to be assured or guaranteed; capable of being made certain or confident.
From assure (Latin assecurare, 'to make secure') plus -able suffix meaning 'capable of being.' The term emerged in Middle English to describe things that could be made certain or reliable.
In insurance, this word determines whether a person or property can be insured at all—some risks are just too unpredictable or dangerous to be assurable, which is why your homeowner's insurance won't cover floods unless you buy separate coverage.
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