Insurance is a financial agreement between an individual or entity (the policyholder) and an insurance company (the insurer). In this agreement, the insurer promises to provide financial protection against specific risks or losses in exchange for regular payments called premiums.
Types of Insurance
There are numerous types of insurance, each designed to cover specific risks. Here are some of the most common ones:
Life Insurance
Term Life Insurance: Provides coverage UP TO 100 YEARS
Whole Life Insurance: Offers lifetime coverage with a savings component.  
Universal Life Insurance: Combines elements of term and whole life insurance, offering flexibility in premium payments and death benefits.
Health Insurance
Individual Health Insurance: Covers medical expenses for an individual.
Family Floater Health Insurance: Covers medical expenses for an entire family under a single policy.
Critical Illness Insurance: Provides a lump-sum payment upon diagnosis of a critical illness.
Property Insurance
Homeowners Insurance: Covers damage or loss to a home and its contents.
Renters Insurance: Protects renters’ belongings in case of damage or theft.
Auto Insurance
Liability Insurance: Covers damages caused to others in an accident.
Collision Insurance: Covers damage to your vehicle in an accident.
Comprehensive Insurance: Covers damage to your vehicle from non-accident causes like theft or natural disasters.
Other Types of Insurance
Travel Insurance: Covers medical expenses, trip cancellations, and other travel-related losses.
Business Insurance: Protects businesses from various risks, including property damage, liability claims, and business interruption.