There are numerous definitions of insurance. Based on the definition of insurance stated in the text, indicate whether each of the following guarantees is considered insurance.

1. A new television is guaranteed by the manufacturer against defects for 90 days.
2. A new set of radial tires is guaranteed by the manu- facturer against road defects for 50,000 miles.
3. A builder of new homes gives a 10-year guarantee against structural defects in the home.
4. A cosigner of a note agrees to pay the loan balance if the original debtor defaults on the payments.
5. A large group of homeowners agrees to pay for losses to homes that are damaged or destroyed by fire during the year.