Insurance Policies

An insurance policy is a lawfully required agreement between an insurer and insured. Insurer is a company selling the insurance and the person who buys the policy, commonly called the "policyholder, who also is often the person insured. It is entirely an authorized paperwork in which all possible minutiae are mentioned. In case of default by any one of the party, he would be subjected to legal consequences.
In exchange for payment of certain amount of insurance coverage, called the "premium," the insurer pays for certain types of loss or damage to the policyholder as specified by the contract. Some of the different types of insurance policies are;

Life Insurance Policy: Life insurance policies cover losses that arise from the loss of one's life or other accidents.
No-fault insurance: One need to show that he/she got injuries in an automobile accident.
Health Insurance Policy: A health insurance policy is a contract which promises to pay for health care reasonably required by the "insured" or "policy holder" or "certificate holder" to treat illness or injury.
Home Insurance Policy: In home insurance policy the specific amount an insurance company pays to home insurance policyholder. The premium for a home insurance policy is determined by taking into account the replacement cost of the home along with all of the home's contents.
General Insurance Policy: General insurance policies cover all types of insurance policies with the exception of life insurance. They basically compensate against any financial loss that may arise due to accidents related to automobiles, homes etc.
Travel Insurance Policy: A travel insurance policy is intended to cover travel-related potential losses, incurred while the policyholder is on a trip inside or outside the country.