40 Year Abstract Title vs. Fee Title Insurance Policy??

[Shannon K.]

A contract I'm reading over now is asking which one/or both of these items I will choose for title and survey options. I'd like to understand the difference between these two things:

1. Purchaser will obtain a 40 year abstract of title, tax search, and any continuations thereof.

2. Purchaser will obtain a fee title insurance policy.

Could someone please educate me on the differences between these things and which one is applicable to me? This is the first time I've seen this item in an offer contract and I'm not familiar. Thank you!