KEY TAKEAWAYS

• Insurance is a contract (policy) in which an insurer indemnifies another against losses from specific contingencies or perils. 
• There many types of insurance policies. Life, health, homeowners, and auto are the most common forms of insurance.
• The core components that make up most insurance policies are the deductible, policy limit, and premium.

7 Types of Insurance

• Life Insurance or Personal Insurance.
• Property Insurance.
• Marine Insurance.
• Fire Insurance.
• Liability Insurance.
• Guarantee Insurance.
• Social Insurance.