MEANING OF INSURANCE
                  Insurance means promise of compensation for any potential future losses, Facilitates reimbursement during crisis situations.

    There are different insurance companies that offer wide range of insurance options and an insurance purchaser can select as per own convenience and preference.

Several insurances provide comprehensive coverage with affordable premiums. Premiums are periodical payment and different insurers offer diverse premium options.
The periodical insurance premiums are calculated according to the total insurance amount.
        The main meaning of insurance are used as effective tools of risk management. Quantified risks of different volumes can be insured.

Major types of insurances are as mentioned below:

• Life insurance: Descendant's family receives financial benefits. Life insurances also offer paid proceeds to the beneficiary.
• Automobile insurance: Usually automobile insurances cover damages and legal financial expenditures of the automobile driver. 
• Health insurance:Health insurance cover the expenditures associated to treatment and medical expenditures.
• Credit insurance:Borrowers often fail to repay debts,loans and mortgages due to certain unavoidable circumstances,credit insurances can be of great help during such crisis.
• Property insurance:Property protection insurance provide protection from risks associated to theft,fire,floods etc.

This type of insurance can be further classified into specialized forms as follows:

• Fire insurances
• Earthquake insurances
• Flood insurance
• Home insurance
• Boiler insurance

At present insurance market is much vibrant than before and this has an impact on the rates of different insurance premiums.

Type of insurance companies can be categorized into two main divisions:

• General insurance companies

• Life insurance companies: The companies,dealing with life insurance,pension products and annuities are life insurance companies.

Insurance companies are usually identified as stock companies.Insurance is a device for indemnifying an individual against loss and in the recent past due to natural calamities,few insurance companies have suffered financial setback.Premiums of few insurances have suddenly gone uphill as plenty of insurance providers have become insolvent. While selecting an insurance company,financial strength of the company must be considered as viability of the insurance provider is extremely crucial.