An insurance entity is an economic entity that allows the sharing and transfer of risks. Types of insurance can be classified according to the perils insured or by the type of insurance program.
7 Types Of Insurance Are: Life Insurance or Personal Insurance, Property Insurance, Marine Insurance, Fire Insurance, Liability Insurance, Guarantee Insurance, Social Insurance.

1.  Life Insurance
Each and every person requires insurance. Life insurance is unique among financial products in that people who buy it hope they never have to use it.Life insurance pays a lump sum to the beneficiaries if the insured dies prematurely. In most cases, life insurance is purchased to provide support for the dependents of the insured.Life Insurance is different from other insurance in the sense that, here, the subject matter of insurance is the life of a human being.Life insurance can also be an investment vehicle, because earnings can accumulate tax-free and can provide a cash value to the policy owner.At present, life insurance enjoys maximum scope because life is the most important property of an individual.
This insurance provides protection to the family at the premature death or gives an adequate amount at the old age when earning capacities are reduced.
Annuities are a different type of life insurance, in that an income is paid to the policy owner for a fixed duration or for the life of the policy owner or his spouse. Annuities are considered a form of longevity insurance because the payments can last a lifetime of the policy owner, thereby preventing the insured from outliving his assets.

Life Insurance
Life Insurance

Because life insurance is such an integral component of your family’s financial plan, you shouldn’t purchase a policy without conducting some research first. Before you buy a policy, think over the type of protection that might serve you best, the amount of life insurance coverage you need, and which company you want to place your faith in.
With that in mind, we find the right life insurance company for your budget and your peace of mind, The 7 best life insurance companies of 2020.

The 7 Best Life Insurance Companies of 2020
Prudential: Best Overall, You can get an instant quote for term life insurance coverage online.
State Farm: Best Instant Issue, State Farm extends some term policies without a medical exam, and you can get an instant answer, You can get free quotes for term or permanent life insurance coverage online.
Transamerica: Best Value,Premiums for term life insurance coverage represent a significant value, You can get a free quote online.
Northwestern Mutual: Best Whole Life,You can purchase term life, whole life, or universal life insurance coverage.
New York Life: Best Term Policies,Company has excellent financial ratings, Four main types of life insurance coverage are available.
Mutual of Omaha: Best for No Medical Exams,Mutual of Omaha makes it easy to get a quote online, You can apply for term coverage without a medical exam.
USAA: Best for Military,You can purchase term coverage or permanent life insurance depending on your needs.

2. Property Insurance

Property Insurance
Property Insurance

Property insurance protects against the loss from property damage or loss from legal liability.
Under the property insurance property of person/persons are insured against a certain specified risk. The risk may be fire or marine perils, theft of property or goods damage to property at the accident.Property insurance covers damage to property, which includes real estate, buildings, furniture, fixtures, and personal property against such perils as fire, windstorms, lightning, hail, and so on. Property insurance can cover actual losses and indirect losses, such as lost income or additional expenses incurred because of the primary loss. Most common type of property insurance is homeowners insurance.

Enjoy peace of mind knowing your home and belongings are covered. Compare top providers and choose the best home insurance for your every need.
Best Home Insurance Companies 2020,Cover your home & everything in it.
HomeInsurance: Compare multiple policies,Personalized price quotes,1-minute application.
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SaveQuote:Receive quick, real-time quotes,Easy-to-use online form.
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3. Marine Insurance

Marine insurance provides protection against the loss of marine perils.
Marine insurance, in spite of the name, protects against losses in the transportation industry including those that occur strictly on land, such as trucks or railroads.
The marine perils are: collision with a rock or ship, attacks by enemies, fire, and captured by pirates, etc. these perils cause damage, destruction or disappearance of the ship and cargo and non-payment of freight.There are 2 types of marine insurance: ocean marine and in land marine. Ocean Marine Insurance and Inland Marine Insurance.
The former insures only the marine perils while the latter covers inland perils which may arise with the delivery of cargo (gods) from the go-down of the insured and may extend up to the receipt of the cargo by the buyer (importer) at his go down.

The 7 Best Inland Marine Insurance Companies of 2020
The Hartford: Best Overall
Great American Insurance Group: Best Bailee Insurance
Chubb: Best for Contractors
Nationwide: Best for Accounts Receivable
Jewelers Mutual: Best for Jewelry
Allstate: Best for Photographers
Food Liability Insurance Program: Best for Food Trucks

The 7 Best Boat Insurance Providers of 2020
Markel: Best for Professional Fishermen
Allstate: Best for Affordability
Progressive: Best for Safe Boat Drivers
Foremost: Best for Additional Coverage Options
Nationwide: Best for Policy Bundling
United Marine Underwriters: Best for Individualized Customer Service
State Farm: Best for Emergency Services Coverage

4. Fire Insurance

Fire Insurance covers the risk of fire.
The fire insurance does not protect only losses but it provides certain consequential losses also war risk, turmoil, riots, etc. can be insured under this insurance, too.
In the absence of fire insurance, the fire waste will increase not only to the individual but to the society as well.

5. Liability Insurance

The general Insurance also includes liability insurance whereby the insured is liable to pay the damage of property or to compensate for the loss of persona; injury or death.Liability insurance covers most types of legal liabilities that result from owning property or operating a business and individual liability, such as libel or defamation.This insurance is seen in the form of fidelity insurance, automobile insurance, and machine insurance, etc.

6. Guarantee Insurance

The guarantee insurance covers the loss arising due to dishonesty, disappearance, and disloyalty of the employees or second party. The party must be a party to the contract.

7. Social Insurance

What are the 7 types of insurance
What are the 7 types of insurance

The social insurance is to provide protection to the weaker sections of the society who are unable to pay the premium for adequate insurance.Pension plans, disability benefits, unemployment benefits, sickness insurance, and industrial insurance are the various forms of social insurance.