According to Collinsdictionary.com
Insurance is an arrangement in which you pay money to a company, and they pay money to you if something unpleasant happens to you, for example, if your property is stolen or damaged, or if you get a serious illness.
six general types of insurance
Property Insurance means that insurance companies provide certain security against the property of the person.
Fire Insurance means protection of the stocks or products against the fire. If the business owner takes the fire insurance it helps them or secures him against the fire of the products.
Life Insurance means to get the security of health of the person. If any person got admitted in the hospital then Insurance company will pay the amount of the bill, it depends on the policy he took.
Property Insurance means to provide protection against the damaged or destroy property. Property Insurance makes sure the businessman that company will pay the amount of the damage.
Personal Insurance means to get the insurance of yourself. It means that to get yourself insured. Personal insurance includes insurance of loss due to death, accident, and disease.
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