Ok, here it is:
Foam, shredded paper, cotton wool, aluminium foil.
An insulator is one which prevents heat from being transferred.
Foam traps air in the form of bubbles, and air is a good insulator.
Shredded also traps air, but the air can escape, carrying heat away, even if that's really small.
Cotton traps air less than the above materials.
Aluminium foil is a good conductor, and hence, bad insulator.
Hope it helped! :)
PS- Remember that air is the real insulator in each case, and it is used in many ways, in 'thermos', between the walls in cold countries, etc.
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