As we all know the insurance sector is the protection of financial assets from loss. It is a form of risk management which is primarily used to hedge against the risk of contingent or uncertain loss. An entity that gives or provides insurance is known as insurer, insurance company or an underwriter and a person or entity who buys the insurance is known as the insured or policyholder.
Before going in detail about the career in the insurance sector, lets first get to know about the types of insurance. There are two types of insurance: –
- LIFE INSURANCE: – Life insurance is a contract which offers financial support or help in case of any disability or death. There are four types of plans in this life insurance (i.e.) term life, money back policy, unit-linked insurance plan, pensions plan.
- GENERAL INSURANCE: – general insurance is a contract that offers financial compensation on any loss other than death. There are four types of general insurance (i.e.) motor insurance, home insurance, health insurance, and fire insurance.
To know, insurance in career sector is worth it but anyways it depends on your interest, the qualifications you have or hold, what type of areas are you looking for in insurance whether its life insurance or general insurance or any other kind in general insurance and its also a promising career like the others, minimum qualifications to join this sector is a candidate should have higher secondary school certificate. One should have a license to work on this sector, to get this certificate you have to appear in an examination that will be conducted by the insurance institute of India. Those who want to passionately work on this sector should qualify the examination.
A course in insurance may cover the basics of the different types of insurance like financial instruments, financial planning, ethical issues, public policy, microeconomics, macroeconomics, risk factors, and effective communication. Students can gain the right amount of knowledge in insurance and its risk factor which will result in a good or high-level management position. This program is comparatively easy than other programs.
There are immense work opportunities in the insurance sector. One can become an administrative officer, assistant executive officer, development officer, insurance agents, insurance surveyors, actuaries, insurance underwriter, investment professionals.
INSTITUTES THAT OFFER INSURANCE COURSES
- Institute of Insurance and Risk Management, Hyderabad.
- Institute of Actuaries of India, Mumbai.
- Insurance Institute of India, Mumbai.
- Acharya Nagarjuna University Centre for Distance Education, Nagpur.
These are the few colleges that offer courses in insurance.
Pursuing insurance is a beautiful course; one will get a minimum of approx. 8lakhs per annum, though salary and perks will increase.