Online Class: Understanding Insurance Types

This course reviews what the most common and important types of insurance are available to you, as well as how insurance works.

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  • 14
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  • 967
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  • 2
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Course Description

Shielding the Future: The Comprehensive Guide to Modern Insurance

In our ever-evolving, fast-paced world, the unexpected is always lurking around the corner. The question isn't if life will throw us curveballs, but rather when—and whether we're adequately protected when it does. How well-prepared are you for life's unpredictabilities? Amidst a plethora of insurance types, from the widely recognized to the utterly obscure, determining the right shield for you, your family, or your business can feel overwhelming.

Enter our meticulously crafted course, "Shielding the Future: Navigating the Landscape of Modern Insurance." This holistic program illuminates the intricate maze of insurance, providing clarity and empowering you to make informed decisions about the kinds of protection best suited to your unique needs.

Why This Course Stands Out:

  • Deep Dive into Insurance Fundamentals: Grasp the foundational principles of how insurance functions—from the nitty-gritty of policy selections to the crucial moments of claims and payouts.

  • Extensive Coverage Exploration: Traverse the vast landscape of insurance types. From life insurance that ensures your loved ones' financial security, health insurance that safeguards your well-being, to auto insurance that protects your journeys, and many more. We leave no stone unturned.

  • Demystifying the Fine Print: Gain insights into pivotal aspects of insurance policies—understanding who exactly is covered, the various terms, conditions, exceptions, and the journey from policy inception to claim realization.

  • Beyond the Basics: Delve deeper into niche insurance types, discovering both popular and lesser-known options, ensuring that every facet of your life and business can be shielded from unforeseen events.

  • Practical Real-World Scenarios: Through engaging case studies and real-world examples, visualize the impact of different insurance decisions, helping you internalize concepts and strategies.

  • A Protective Financial Strategy: In today's unpredictable global financial climate, fortify your economic stability. Learn how the right insurance can not only provide peace of mind but can also be a pivotal aspect of your holistic financial planning.

Your Future, Secured:

More than just a course, this is an invitation to fortify your future. As we navigate the tumultuous waters of life, the right insurance serves as our lifeboat, ensuring that even in stormy weather, our cherished dreams, loved ones, and aspirations remain unscathed.

Whether you're an individual seeking to shield personal assets, a family breadwinner desiring to safeguard your loved ones, or a business owner aiming to protect your enterprise, this course offers invaluable insights, strategies, and peace of mind. Enroll today, and arm yourself with the knowledge to face tomorrow with confidence and serenity.

Course Motivation

When the unexpected happens, do you have a plan for how you would handle the situation? Unfortunately, many people do not have any idea what they would do should a disaster strike, and this can be financially devastating. Accidents can, and will, happen; no one is safe from them. One of the most important financial decisions one can make for their family is to purchase insurance coverage; however, there are various types of insurance to choose from. So, people need to look at their individual circumstances to decide which insurance is needed, and why. People work hard to keep food on the table and a roof over their heads, so it makes sense to insure some of the most important things in life. 

The bottom line is that insurance exists to protect people from risks. No matter one's income level, or where they live, no one is immune from risk. At any time, people all over the world are victims of fires, theft, illness, accidents, severe weather, and much more. These things can happen anytime, anywhere. The idea of insurance goes back hundreds of years and is something that has been used, one way or another, since the beginning of time. 

Several types of insurance to choose from

Many people are still unaware of how many different types of insurance coverage are available to consumers. Below are some types of insurance that will be covered in this course.

  • Health insurance

  • Auto insurance

  • Life insurance

  • Gap insurance

  • Accident or sickness insurance

  • Property insurance

  • Liability insurance

There are also many different types of specialty insurance available,  such as kidnapping insurance, legal insurance, pet insurance, travel insurance, and much more. Keep in mind that even though there are many kinds of insurance to choose from, you don't need them all. There are many types of insurance that are wrong for certain people. Make sure you use your money wisely, and that the insurance purchased will actually help your financial situation, instead of paying out high monthly premiums.

Pros and cons of purchasing insurance

When it comes to purchasing insurance, there are pros and cons; however, do keep in mind that the pros greatly outweigh the cons. It is important to purchase insurance that will protect you, your family members, and/or possessions, because there are some types of insurance that will unnecessarily drain your savings. Insurance is one of the most important things you can invest in, because it will protect you from risk, and everyone is prone to some type of risk at some time in their lives. Always remember: No one is immune. 


  • Protects people, home, other possessions

  • Protects your finances

  • Reduces stress


  • Unnecessary coverage. There are many types of insurance that are not needed, or you can have too much -- or not enough -- coverage.

  • Having to keep up with premium payments.

How exactly does insurance work?

Once you have decided what you need to insure, it is important to meet with an insurance agent to discuss the different options and coverages available. Coverage will depend on what state you live in, whether you rent or own your home, whether you own a car, and much more. Basically, insurance helps people recover from certain types of financial consequences by pooling the resources of a large group, to pay for the losses of a small group. 

Everyone who purchases insurance coverage will have to pay premium payments to keep the coverage. The amount of one's premium payment is dependent on many things, such as age, gender, where they live, health, occupation, and much more, depending on the type of insurance they are seeking. These premium payments will cover any anticipated losses. The insurance company uses this money to pay any claims that may arise from any of their customers. So, the losses and expenses are shared by everyone.

Insurance companies use statistical analyses to project what actual losses will be in any given group. For example, when it comes to auto insurance, a customer's rates will all depend on their driving record. The better the driving record, the better the rates, and this is one of the many things that the insurance company is going to look at. The insurance industry is well versed in all the many areas, including how much money to set back in order to pay the claims, while still being profitable. 

Once you have decided which insurance coverage you need, a policy will be drawn up. This policy is a legal binding contract. It is important to take the time to read all of the fine print and to make sure that you understand exactly what you are purchasing. Should you have any questions, be sure to ask your insurance agent before signing all of the paperwork. Since this is a legal contract, once it has been fully executed, it cannot be changed. 

Common basic insurance terminology

Below is a list of common terms used in the insurance industry:

  • Insurer – This is the insurance company.

  • Insured – This is the customer who pays the premium and will be compensated for any loss that is covered under their insurance contract.

  • Bound – This is the term that is used once all parties have agreed to the terms in the insurance contract and it is in place.

  • Rider – This is an amendment, or attachment, that alters the insurance policy's terms.

  • Adjuster – This is a person who investigates any claims made and recommends settlement options. Many times, both the insurance company and the customer(s) involved will use their own adjuster, and then they will all work together to agree on a fair settlement.

  •  Agent – This is a person who sells insurance through a large insurance company.

  • Deductible – This is a portion of the loss that the insured needs to pay. For example, some common deductibles are $500, $1,000, and more. In theory, the higher deductible an insured has the lower premium they will pay.

  • Effective Date – This is the date the policy goes into effect.

  • Lapse – Termination of a policy due to missed premium payments.

  • Policy Period – This is the time period which the insurance is in effect. Normally, this is for six (6) months at a time.



Purchasing insurance is one of the most important things an individual or company can do to secure their finances. Without being able to insure things like property, health, and even lives, unforeseen accidents can devastate everything one has built. The pros of purchasing an insurance policy greatly outweighs the cons. Insurance will give everyone peace of mind. This course will discuss several different types of insurance.


  • Completely Online
  • Self-Paced
  • Printable Lessons
  • Full HD Video  
  • 6 Months to Complete
  • 24/7 Availability
  • Start Anytime
  • PC & Mac Compatible
  • Android & iOS Friendly
  • Accredited CEUs
Universal Class is an IACET Accredited Provider

Course Lessons

Average Lesson Rating:
4.5 / 5 Stars (Average Rating)
"Extraordinarily Helpful"
(507 votes)

Lesson 1: Introduction

One of the most important financial decisions one can make for their family is to purchase insurance coverage; however, there are various types of insurance to choose from. 12 Total Points
  • Lesson 1 Video
  • Lesson discussions: Reasons for Taking this Course
  • Complete: Lesson 1 Assignment
  • Assessment: Exam 1

Lesson 2: Health Insurance

When it comes to insurance, health insurance is one of the most important types to have, if not the absolute must-have. Additional lesson topics: A Guide to Understanding Health Insurance 9 Total Points
  • Lesson 2 Video
  • Complete: Lesson 2 Assignment
  • Assessment: Exam 2

Lesson 3: Auto Insurance

Auto insurance is important to have due to the devastating financial loss should an accident occur, and you arent covered. Additional lesson topics: Understand car insurance coverage; Types of Auto Insurance 11 Total Points
  • Lesson 3 Video
  • Complete: Lesson 3 Assignment
  • Assessment: Exam 3

Lesson 4: Life Insurance

If there is anyone who depends on you for income, then you will more than likely need to look at purchasing a life insurance policy. Additional lesson topics: Understanding and Choosing Life Insurance; Types of life insurance policies 10 Total Points
  • Lesson 4 Video
  • Assessment: Exam 4

Lesson 5: Gap Insurance

One of the biggest misconceptions with gap insurance is that consumers think it is a catch-all policy that makes their car payments whenever they are needed; however, this is definitely not the case. Additional lesson topics: Gap Insurance: What it is and how it works.; The Several Best Gap Auto Insurance Providers 10 Total Points
  • Lesson 5 Video
  • Assessment: Exam 5

Lesson 6: Accident or Illness Insurance

Medical bills from an unexpected accident or illness is one of the largest reasons why people have to file for bankruptcy. 10 Total Points
  • Lesson 6 Video
  • Assessment: Exam 6

Lesson 7: Property Insurance

Damage to property can end up costing a lot of money and can devastate family or business finances. Additional lesson topics: Homeowners Insurance Basics; What Are Different Types of Homeowner's Insurance? 10 Total Points
  • Lesson 7 Video
  • Assessment: Exam 7

Lesson 8: Liability Insurance

Liability insurance can be added to a current policy to supplement coverage that is already in place. Additional lesson topics: 13 Types of Insurance a Small Business Owner Should Have 10 Total Points
  • Lesson 8 Video
  • Assessment: Exam 8

Lesson 9: Other Types of Insurance

There have been many types of different of insurance explained in the first eight lessons, so this lesson will focus on the many other types of insurance that are available. Additional lesson topics: Several Most Unusual Insurance Policies 10 Total Points
  • Lesson 9 Video
  • Assessment: Exam 9

Lesson 10: Conclusion

By now you should understand the many types of insurance coverage available to both individuals and businesses. 58 Total Points
  • Lesson 10 Video
  • Lesson discussions: End of Course Poll; Course Comments; Program Evaluation Follow-up Survey (End of Course)
  • Assessment: Exam 10
  • Assessment: The Final Exam
Total Course Points

Learning Outcomes

By successfully completing this course, students will be able to:
  • Define health insurance.
  • Describe auto insurance.
  • Describe life insurance.
  • Summarize gap insurance.
  • Define accident or illness insurance.
  • Describe property insurance.
  • Summarize liability insurance.
  • Identify other types of insurance.
  • Demonstrate mastery of lesson content at levels of 70% or higher.

Additional Course Information

Online CEU Certificate
  • Document Your Lifelong Learning Achievements
  • Earn an Official Certificate Documenting Course Hours and CEUs
  • Verify Your Certificate with a Unique Serial Number Online
  • View and Share Your Certificate Online or Download/Print as PDF
  • Display Your Certificate on Your Resume and Promote Your Achievements Using Social Media
Document Your CEUs on Your Resume
Course Title: Understanding Insurance Types
Course Number: 8900322
Lessons Rating: 4.5 / 5 Stars (507 votes)
Languages: English - United States, Canada and other English speaking countries
Availability: This course is online and available in all 50 states including: California, Florida, Georgia, Illinois, New York, Pennsylvania, Ohio, Texas, and Washington.
Last Updated: July 2023
Course Type: Self-Paced, Online Class
CEU Value: 0.2 IACET CEUs (Continuing Education Units)
CE Accreditation: Universal Class, Inc. has been accredited as an Authorized Provider by the International Association for Continuing Education and Training (IACET).
Grading Policy: Earn a final grade of 70% or higher to receive an online/downloadable CEU Certification documenting CEUs earned.
Assessment Method: Lesson assignments and review exams
Instructor: John Chouinard
Syllabus: View Syllabus
Course Fee: $120.00 U.S. dollars

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Student Testimonials

  • "After completing this course, my entire perspective changed when it comes to financial planning. I never thought what would happen to people related to me after i am gone. And, not even that insurance can protect a business owner from a lot of liabilities if acquired smartly or even used for one's advantage." -- Simran S.

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