For ex:

Option 2:

Behind Text :  Image appears behind the text, a bit like a background image

For ex:

Option 3:

In-Front of Text :  Image appears in-front of the text, hiding the text

For ex: 

Option 4:

In-Front of Text :  Image appears in-front of the text, hiding the text

For ex:

Option 5:

Left :  Wraps the text on the left side of the image

For ex:

Option 6:

Right : Wraps the text on the right side of the image

For ex:

To use any of the above options, to wrap your image around the text:

1. Select the image inserted in your content, by clicking on it
2. Right click on the image and in the drop-down options select Modify Image
3. A pop-up will appear, with the Modify Image settings
4. On the left hand side under Advanced Options click on Wrapping
5. All the six wrapping options will be listed
6. Select the radio button next to the required wrapping option
7. Click on the Apply button.