1- AUTO INSURANCE
A contract for an automobile in which one party agrees to pay for another party's financial loss resulting from a specified event for example, a collision, theft or storm damage.
Auto insurance covers you from losses incurred regarding automobile usage and safeguards your financial security in the event of an accident. You can buy different coverages depending on what you want. This contract is between the insurance company and you. Coverage will protect you regarding liability in the event of bodily injury, property damage, and medical payments, and also physical damage coverages of collision and comprehensive. The insurance company will agree to pay for losses decided on in your policy in exchange for your premium payment.
Coverage of various types will pay for various kinds of damage caused. Property insurance covers any damage or theft done to your car, liability insurance covers you legally if you harm others or their property, and medical insurance covers treatment for injuries, rehabilitation, lost wages and funeral expenses. These will be described in more detail later.
Each auto insurance policy has six different types of coverage. Many states require you to carry some, but not every kind of coverage. If you have used financing to buy your car, your lender might have some stipulations.

2- HOME INSURANCE
The typical homeowners insurance policy covers the house, the garage and other structures on the property, as well as personal possessions inside the house such as furniture, appliances and clothing, against a wide variety of perils including windstorms, fire and theft. The extent of the perils covered depends on the type of policy. An all-risk policy offers the broadest coverage. This covers all perils except those specifically excluded in the policy.
Homeowners insurance also covers additional living expenses. Known as Loss of Use, this provision in the policy reimburses the policyholder for the extra cost of living elsewhere while the house is being restored after a disaster. The liability portion of the policy covers the homeowner for accidental injuries caused to third parties and/or their property, such as a guest slipping and falling down improperly maintained stairs. Coverage for flood and earthquake damage is excluded and must be purchased separately. (See Flood insurance; Earthquake insurance)

3- HEALTH INSURANCE
Insurance against loss by illness or bodily injury. Health insurance provides coverage for medicine, visits to the doctor or emergency room, hospital stays and other medical expenses. Policies differ in what they cover, the size of the deductible and/or co-payment, limits of coverage and the options for treatment available to the policyholder. Health insurance can be directly purchased by an individual, or it may be provided through an employer. Medicare and Medicaid are programs which provide health insurance to elderly, disabled, or un-insured individuals. There are a number of companies which provide private health insurance, including Blue Cross, United Healthcare, or Aetna.

FUNCTION
Health insurance is coverage that is provided for medical care. Most medical costs incurred from a routine doctor's visit to a visit to the emergency room are the responsibility of the insurance carrier. Partial or full payment of the monthly premium is typically deducted from an employee's wages. The covered individual usually has some out-of-pocket expense, such as a co-payment or deductible.
TYPES
Generally, health insurance is offered as part of a benefit package provided by an employer. The employee may choose to enroll in an individual or family plan. Sometimes individual and family health insurance is provided by government programs such as Child Health Plus, Family Health Plus, Medicaid or Medicare, if certain eligibility requirements are met. Workers without health insurance or those who are unemployed pay their health care premiums directly to the insurance company or via a broker.
BENEFITS
Having health insurance allows individuals to get the care they need to treat an illness or injury without incurring the exorbitant cost of the treatment. It can also provide individuals with a piece of mind knowing that in the event of an accident or an injury, they know what they would be responsible for paying. This allows patients to focus on their treatment and recovery without the distraction of financial burden.
WARNING
Living without health insurance puts you at risk physically as well as financially. One trip to the emergency room can cost thousands of dollars. Also the cost of medications can be a financial burden, especially if you are taking a maintenance medication. Yearly physicals by your family doctor, annual gynecological visits and other preventative care might be avoided due to the cost, making you vulnerable to the progression of an otherwise preventable condition.
CONSIDERATIONS
When choosing a health insurance carrier, read all the information very carefully. Be clear on exactly what is covered and what is not. For example, if you take one or more medications daily, make sure that you are covered for prescriptions and what your financial responsibility will be for the specific medications you are taking. Also, keep in mind that not all policies cover treatment for mental health conditions. Check to see what your co-payment and deductible amounts are, if any, and find out if the doctors that are currently treating you accept this insurance plan.

4- PROPERTY INSURANCE
A type of insurance that covers damage to property, such as a home. Specific types of property insurance can cover damage from fire, flood, and earthquakes, among other risks.
Property insurance is a contractual agreement between a property owner (the insured) and a business entity (the insurer). The agreement, or policy, usually names a dollar limit on the loss, if one occurs. The property insurance contract also stipulates the types of losses that are or are not covered, the person or persons who are eligible for benefits under the policy, and the predetermined time period within which coverage is recognized as in force or active.
When a loss occurs, an insured contacts his insurance company and files a formal claim. The insurance company investigates the loss. If the language in the contract covers the loss, the insurance company repairs or replaces the insured's property, or otherwise compensates the insured for the loss, according to the terms of the policy.
Property insurance provides protection against most risks to property, such as fire, theft and some weather damage. This includes specialized forms of insurance such as fire insurance, flood insurance, earthquake insurance, home insurance or boiler insurance. Property is insured in two main ways - open perils and named perils. Open perils cover all the causes of loss not specifically excluded in the policy.

5- CASUALTY INSURANCE
Insurance coverage for loss or liability arising from a sudden, unexpected event such as an accident.
A broad category of coverage against loss of property, damage or other liabilities, including such things as vehicle insurance, liability insurance, theft insurance and elevator insurance.
An important type of casualty insurance for businesses is workers compensation insurance, which protects a company from liabilities that arise when a worker is injured on the job. For homeowners or car owners, it's important to have casualty insurance as damage can end up being a large expense.

6- LIFE INSURANCE
Life insurance is the simplest form of life insurance. Term life insurance provides protection for a specific period of time. It pays a benefit only if you die during the term. If you live beyond the specified term, the policy expires without value. It is sometimes called temporary life insurance.
LIFE INSURANCE ADVANTAGES

• Initial premiums generally are lower than those for permanent insurance, allowing you to buy higher levels of coverage at a younger age when the need for protection often is greatest.
  
• It's good for covering needs that will disappear in time, such as mortgages or car loans.
  LIFE INSURANCE DISADVANTAGES
  
• Premiums increase as you grow older.
  
• Coverage may terminate at the end of the term or become too expensive to continue.
  
• The policy generally doesn't offer cash value or paid-up insurance.