Types Of Insurance Names. Most private insurance is purchased voluntarily, although some types, such as automobile insurance or insurance on mortgages and car loans, are required by law or contracts. In many states, the purchase of automobile liability insurance is mandatory, and if the car is financed, the lender requires property damage coverage.
This type of insurance pays the loans of the policy holder in case of any accident of the policy holder or job loss or death. However, some other types of insurance are available as well. Types of insurance agents the three types of insurance agents are captive agents, independent agents, and insurance brokers.