This document defines insurance and describes five common types of insurance. Insurance is a contract between two parties where one agrees to take on the risk of an uncertain event happening to the other in exchange for regular payments. The party taking on the risk is the insurer and the party being insured is the insured. The document then explains automobile insurance, health insurance, life insurance, disability insurance, and homeowners/renters insurance. Automobile insurance protects against risks from car accidents, health insurance covers medical costs, life insurance provides money to beneficiaries when the insured passes away, disability insurance replaces lost income from inability to work, and homeowners/renters insurance protects the home and contents from damage.

3.  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'.

5.  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

7. Commonly 5 types of insurance are there…
Which are….
1. Automobile Insurance
2. Health Insurance
3. Life Insurance
4. Disability Insurance
5. Home owners/ Renters Insurance
‘OR’
Property Insurance

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

12. 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

14.  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

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

17.  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

20.  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

21. Which were…
1. Automobile Insurance
2. Health Insurance
3. Life Insurance
4. Disability Insurance
5. Homeowners/Renters Insurance