Insurance plans are agreements between individuals and insurance companies that provide financial protection against specific risks. These plans typically require the insured to pay a premium, which is a regular payment made to maintain coverage. In return, the insurance company agrees to cover certain costs, such as medical expenses, property damage, or liability claims, depending on the type of insurance. There are various types of insurance plans, including health insurance, auto insurance, and homeowners insurance. Each plan has its own terms, coverage limits, and exclusions, so it is important for individuals to carefully review their options to choose the best plan for their needs.