The characteristics of Wisdom are penetrating an object’s true nature [by direct experience]. The function of Wisdom is to remove delusion. The cause of wisdom is concentration of the mind (Samadhi). The obvious result is dispelling delusion.
Wisdom has the characteristic of knowing the true nature of all compound phenomena, both visible matter or form and mind, as impermanent, suffering and without any enduring essence or self.
The function of insight wisdom is to get rid of the delusion associated with ordinary perception of matter and mind.
The proximate cause of insight wisdom is concentration. Concentration arises first then insight wisdom follows. Lord Buddha stated, “Monks, you should develop concentration. A monk with a concentrated mind knows according to the truth.” (The Pali Tipitaka, Siamrat, book 17, Sanyuttanikaya Khandhavagga, section 27, page 18.)
The effect of insight wisdom is to dispel delusion. When strong insight wisdom is achieved, the mind of the practitioner will be cleared of delusion. For example, it will be firm and precise in knowing clearly that both matter and mind are impermanent, suffering and non-self.
In conclusion, insight Wisdom is Wisdom that knows clearly the true nature of all compound phenomena as impermanent, suffering and non-self and also knows the Four Noble Truths which lead to the unconditioned (Visankhara or Asankhatadhamma) phenomena of Nirvana, which is the end of suffering. This wisdom gained from developing both Concentration and Insight meditation is knowledge gained by mental development or Insight Wisdom which leads one to attain path, fruit and Nirvana, the end of suffering and supreme happiness, in accordance with their level of attainment.