Insurance is a type of relationship to protect the property interests of individuals and legal entities upon the occurrence of certain events (insured events) at the expense of monetary funds formed from insurance premiums paid by them (insurance premiums). There are four main types of insurance which insurance companies are offering: personal insurance, property insurance, liability insurance, and financial risks insurance.
As well Insurance relations are designed to provide insurance protection for organizations, citizens, and their interests in the insured cases provided against various hazards. Insurance includes all types of insurance activities – not only primary insurance but also co-insurance and reinsurance. The type of insurance means a complex of insurance services aimed at ensuring the protection of specific homogeneous objects. In each type of insurance, insurance services are provided at established tariff rates in a specified amount. Insurance services are classified by type based on the object of insurance and the list of risks and loss from which the object will be insured.

Property insurance includes various types of housing and auto insurance — for example, apartment insurance with a mortgage or casco insurance for your car. As a rule, this type of insurance covers the risks of fire, bay, natural disasters, damage caused by third parties, etc.
Liability insurance is traditionally most popular for legal entities, but now also includes several benefits for individual products. For example, this category includes compulsory insurance of civil motor liability (CTP) and insurance of civil liability to neighbors. The main part of the products related to financial risk insurance is also intended for legal entities. Individuals can use title insurance, which protects against the risk of loss of ownership of real estate as a result of the recognition of the transaction of its acquisition as invalid or illegal.
Insurance companies also offer comprehensive products to customers. One example of this approach is mortgage insurance, which combines three programs at once — property, life, and title insurance.
Types of insurance funds
There are three main types of insurance funds that differ based on the way they are formed:
- The insurance fund of an insurance organization is formed by contributions paid by participants interested in insurance. Such a fund is created exclusively in monetary form.
- The self–insurance Fund is a decentralized insurance fund formed by an economic entity from monetary and natural reserves. It is designed to ensure the uninterrupted operation of the commodity producer.
- A centralized insurance fund is a state reserve fund created at the expense of budgetary funds.
The main types of insurance and What exactly is the term insurance and what insurance companies offering?
Insurance activities are classified according to the following main types of insurance:
- Personal Insurance: pension insurance, life insurance, insurance for traveling abroad, medical insurance, and accident insurance.
- Liability insurance – for car owners and car owners traveling abroad, civil and professional liability insurance, and liability insurance for employers, officials, and service providers.
- Property insurance – insurance of goods, housing, vehicles, insurance against construction and installation risks, and risks of natural disaster and fire.
- Insurance of specific risks – insurance of political risks, title insurance.
- Financial insurance – insurance of emergency financial requirements arises.