Insurance is a contract between two parties whereby one party agrees to undertake the risk of another in exchange for consideration known as premium and promises to pay a fixed sum of money to the other party on happening of an uncertain event (death) or after the expiry of a certain period in case of life insurance.

The party bearing the risk is known as the 'insurer' or 'assurer' and the party whose risk is covered is known as the 'insured' or 'assured'.

Insurance is an arrangement between an individual (consumer) and an insurer (insurance company) to protect the individual against risk

A policy is a contract between the individual and the insurer specifying the terms of the insurance arrangements

Commonly 5 types of insurance are there…

Which are….1.Automobile Insurance2.Health Insurance3.Life Insurance4.Disability Insurance5.Home owners/ Renters Insurance ‘OR’ Property Insurance

It is the arrangement between an individual (consumer) and insurer (insurance company) to protect the individual against risk from automobile accidents

Health insurance provides protection against financial losses resulting from injury, illness, and disability

Health insurance may cover hospital, surgical, dental, vision, long-term care and other major expenditures

Health insurance may be purchased by the individual or through their employer

Life insurance is a contract between an insurer and policyholder specifying a sum to be paid to a beneficiary upon the insured’s death

The contract is a policy which states the amount to be paid to the beneficiary upon the insured person’s death

Life insurance is somethingyou buy for those people youleave behind. Life insurance covers your expenses such as funeral and medical bills. You may also need to leave financial support to Your family.

It is a form of insurance that insures the beneficiary's earned income against the risk that a disability will make working impossible (therefore earning impossible).

It includes paid sick leave, short-term disability benefits, and long-term disability benefits

Homeowner’s Insurance combines property and liability insurance into one policy to protect a home from damage costs due to perils.

A peril is an event which can cause a financial loss like fire, falling trees, lightning and others

Which were…1. Automobile Insurance2. Health Insurance3. Life Insurance4. Disability Insurance5. Homeowners/Renters Insurance