Insurance, in the books of law, is a promise of remuneration in the case of loss. It exists in the form of risk management that is used to hedge against any kind of risk that is involved in loss. The practice of appraising and controlling the risk factor is known as Risk Management.

An insurer, on the other hand is that company that provides the services of insurance and insured is an individual, organization or any entity that buys the insurance. The rate of insurance is an aspect that is used to determine the money, you may even call it “interest” or “premium”, that is to be charged for a particular ratio of insurance coverage. Insurance is done to insure safety of individuals, goods and services. The classification of Insurance companies is endless. But they are broadly divided into two categories:

• The first one are basically related to life insurance policies, that are responsible for selling life insurance, annuities and pensions plans. The second type are the ones that are known as General insurance companies and sell other types of insurance like Property Insurance, Credit Insurance, Vehicle Insurance, Kidnap and ransom insurance , pet insurance and more.
• There are basically two types of contracts that are available in Insurance policies. They are: 1. an "indemnity" policy and 2. a "pay on behalf."

• Life Insurance
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