Types of Insurance
The charts below details the major types of insurance and insurance policies. There are many
other specialty policies offered by insurance companies that are available, but are too numerous
to cover here.
Policies can cover either personal or commercial lines; they can be intended to cover
individual types of risks exposures such as for an individual’s own car or home or they can be
intended to cover risks faced by businesses.
They can also either be covering property or casualty risks. Casualty Insurance is primarily
concerned with the legal liability for losses caused by injury to persons or damage to the property
of others. Property Insurance indemnifies a person with an interest in physical property for its
loss or the loss of its income producing abilities. Insurance can also cover life and health risks,
but these are not the subject of this course
Package Policies combine property and casualty coverage’s so that all the risks, both for
property losses and liability losses are covered in one policy.
