This book covers both theories and practices on Insurance in modern world. To discuss about insurance, this book contains eight separate chapters – Introduction, Life insurance, Fire insurance, Marine insurance, Risk, Miscellaneous insurance, Insurance business in Bangladesh and American Life Insurance Company (ALICO)- A Case Study, Insurance contract (IFRS 3), Schedules from insurance act and problems on life and general insurance. The author believes that this book can be an ideal text book on insurance in modern world. It goes a long way to cover the demand of any syllabus of any modern, developed and top ranked university. Along with the theory and practices, it also covers related IFRS on insurance, Insurance act and practical mathematical problems on life and general insurances. Teachers are expected to take help from this book for their class room teaching and any sort of referencing. Students will be able to meet their thirst for knowledge on insurance and insurance business from studying the topics covered in this book. These topics will be helpful for answering questions at their examination.