[DennisP]

Yes but in this case, virtually everyone agrees with the precise dictionary definition of insurance and uses it in daily conversation all the time. Very few would agree with you that health insurance without underwriting should not be called insurance. Political discourse, everyday conversation, and the law itself still call it insurance.

(And while I don't think you meant the comparison this literally, I'll point out that health insurance companies do cover their costs. In fact, they're generally quite profitable.)