An insurance policy is a contract between the insurer and the policy owner and is subject to the rules of contract law. An insurance policy also is a type of property and, thus, is subject to the principles of property law. In legal terminology, property is defined as a bundle of rights a person has with respect to something. In most countries, including the United States, property is characterized as either real property or personal property. Real property is land and whatever is growing on or attached to the land. Personal property is all property other than real property.