1.Personal Insurance

The personal insurance includes insurance of human life which may suffer loss due to death,accident and dease. Therefore the personal insurance is further sub-classified into life insurance,personal accident insurance and health insuance.

2.Property Insurance

The property of an individual and of the society is insured against the loss of fire and marine perils,the crop is insured against unexpected decline in production,unexpected death of the animals engaged in business,break-down of machines and theft of the property and goods.

3.Liability Insurance

The liability insurance covers the risks of third party,compensation to employees,liability of the automobile owners and reinsurance.

4.Guarantee Insurance

The guarantee insurance covers the loss arising due to dishonesty,disapperance and disloyalty of the employers or second. The party must be a party of the contract. His failure causes loss to the first party. For example,in export insurance,the insurer will compensate the loss at the failure of the importers to pay the amount of dept.