Insurance and His Policy and Terms

What is insurance ???  Insurance is the weapon to deal with the possibility of any loss in future.  We do not know what will happen tomorrow, so we try to compensate for possible losses in the future through an insurance policy.  Insurance means protection from risk.  If an insurance company insures a person, then the insurance company will compensate the financial loss to that person.  Similarly, if the insurance company has insured a car, house or smartphone, then in the event of breakdown, explosion, loss or damage of that thing, the insurance company gives compensation to its owner according to the pre-fixed condition.  Insurance is actually a contract between the insurance company and the insured.  Under this contract, the insurance company takes a fixed amount (premium) from the insured and pays the insured person or company compensation in case of any loss according to the terms of the policy.  What is the type of insurance?  Insurance is generally of two types:  Li