Broadly, there are 8 types of insurance, namely:

In general, an insurance contract must meet four conditions in order to be legally valid: it must be for a legal purpose; the parties must have a legal capacity to contract; there must be evidence of a meeting of minds between the insurer and the insured; and there must be a payment or consideration.

Policy conditions are the provisions in an insurance policy that often require the insured to comply with certain requirements to obtain coverage under the policy. Policy conditions can be overlooked because they are not in the insuring agreement, the exclusions, or the definitions.

• Life Insurance.
• Motor insurance.
• Health insurance.
• Travel insurance.
• Property insurance.
• Mobile insurance.
• Cycle insurance.
• Bite-size insurance.

Then we examine in greater detail the three most important types of insurance: property, liability, and life.

The amount you pay for your health insurance every month. In addition to your premium, you usually have to pay other costs for your health care, including a deductible, copayments, and coinsurance.

For Insurance Policy/ies, the amount of Contract refers to the Total Premium, including taxes. Total Premium Paid means the sum of all premiums paid under the Policy, excluding any extra premiums, rider premiums along with taxes and cess if any.

Most major auto insurance companies provide coverage for six-month policy terms. This means you’ll pay twice a year, at the beginning of each new term. This allows for easy changes to the policy on the policyholder’s end and also allows the carrier to raise premiums twice a year.