Insurance is typically a form of risk management which is used for hedging against a risk of uncertain loss. In modern life, insurance matters a lot and has become an unavoidable financial need. Insurance gives protection, financial security and peace of mind. An insurance policy is a legal contract between the Insurer and the Insured. Insurance is a practical tool for pooling risk. The policyholders pay premiums for covering the risk of loss, and during the occurrence of some unfortunate event of loss, the insurance company pays for the financial loss. The insurance policy would have details about the conditions and circumstances under which the insurance company will pay out the amount.Insurance is broadly classified into Life insurance and General Insurance.