Original sentence: An insurance contract or "policy" will set out in detail the exact circumstances.As a result, people may buy policies at unfavorable terms.By contrast, non-life insurance cover usually covers shorter periods, such as one year.Companies may sell both life and non life insurance, in which case they are sometimes known as composite insurance companies.Health insurance is one of the most controversial forms of insurance.In most countries, life and non-life insurers are subject to different regulations, tax and accounting rules.In response to these issues, governments often make detailed regulations which set down minimum standards for policies and govern how they may be advertised and sold.Insurance companies may be classified as.Insurance policies can be complex, and a lot of policyholders, especially poorer ones, do not understand all the fees included in a policy.Life insurance companies, who sell life insurance, annuities and pensions products.Non-life or general insurance companies, who sell other types of insurance.Reinsurance companies sell insurance cover to other insurance companies.The main reason for the distinction between the two types of company is that life business is very long term in nature - cover for life assurance or a pension can cover risks over many decades.The reinsurance market is dominated by a few very large companies, with huge reserves.This helps insurance companies to spread their risks, and protects them from very large losses
Edited sentence: A lot of policyholders, especially poorer ones, do not understand all the fees included in a policy.An insurance agreement or "policy" will set out in detail the exact circumstances.As a result, many people buy policies at unfavorable terms.Health insurance is one of the most abused forms of insurance.In many jurisdictions car owners are obligated by law to be insured.People feel obligated to have some insurance