There is only one core characteristic of Wisdom, penetrating clearly the states of phenomena (dhamma). There are, however, various ways of classifying Wisdom into two categories:
Wisdom can also be classified into three categories in various ways:
Wisdom can also be classified into four categories in various ways. These include Wisdom regarding the Four Truths and the Four Analytical Insights.
In conclusion, there are many different types of Wisdom according to their characteristics and functions, but these are only differences in detail. Essentially, Wisdom is the ability to penetrate clearly the nature of conditioned phenomena as the three characteristics of impermanence, suffering and non-self.
In order to help students understand the Wisdom of Insight meditation, Venerable Buddhaghosa explains that Wisdom in this context means specifically Insight Knowledge endowed with virtue well internalized, this is called Insight Wisdom. This Insight Wisdom helps in the development of concentration and Insight meditation to gain knowledge of all conditioned phenomena and the unconditioned phenomena of Nirvana and the Four Noble Truths which lead one to attain Nirvana and become a true Asekha (Arahant or Perfect One).