Though there are many types of insurance, but the insurance types that are so common are listed in the following lines.

  • Life Insurance or Personal Insurance. 
Insurance, where the life of an individual is insured against a potential loss or threat, is called life insurance.
  • Property Insurance.
Insurance, where the property of an individual is insured against a potential loss or threat, is called property insurance.
  • Marine Insurance
A type of insurance where protection is provided against marine perils.
  • Fire Insurance.
Whenever insurance is provided against losses that are caused by the fire, is called fire insurance.
  • Liability Insurance
Insurance when the insured is liable to pay the damage of property or to compensate for the loss of persona; injury or death.
  • Social Insurance
This is insurance where protection is provided to the weaker class or section of society. Basically, such people are not able to pay the premium amount of insurance.
  • Guarantee Insurance
When insurance is supposed to cover a loss that has been caused due to dishonesty or disloyalty of the second party.