Insurance, in its broadest sense, plays an important role in everyday life of ordinary citizens and business entities. The modern commercial world and the market of goods and services is incomprehensible absent of quality insurance mechanisms. The long-term development of this legal field, as well as the broad field of everyday activities and needs, has produced a number of highly specialized insurance categories and types of insurance contracts. In practice, most lawyers are likely to encounter the Insurance Law: privately, as a party to a motor vehicle insurance, property insurance and liability insurance contract, as well as professionally, as a representative of a contracting part in a dispute concerning insurance matters. It is, therefore, necessary for each student – future lawyer – to learn and understand the basics of this large and import legal field, in order to ease managing and resolving the specific issues in connection to and terminology of Insurance Law.