Somehow I doubt it's actual insurance. I would call and see what is covered by this policy. Given all the paperwork I receive whenever I purchase any type of insurance policy, even travel insurance, I doubt all the necessary verbiage can be contained in a confirmation email.
I mean, if it's insurance, there must be some mechanism to make a claim. Hell, maybe this is a worthwhile product...(I know, very doubtful).
Basically, this is highly sketchy and if they are claiming it is actually insurance, likely illegal.