bank loan

Hi friends!

I’ve got some financial questions.
-to take out a loan. (I do it when I need money? – for example I want to buy a house, so I take out a loan?)
-to pay off a loan. (when I give the money back?)
-also, to take out an insurance. (I want to go for a trip and I take out an insurance in case any accident?)
Could you explain these expressions or tell me if I guessed right.
Thanks
Have a good day!!!