Insurance means being covered or protected against any hazards of life. It is a financial agreement that binds two people to certain obligations which is known as Policy. One who buys insurance/ gets insurance coverage is the policy holder or insured and the one who sells the policy is the insurer. From the time the insured signs the policy he/she has an obligation to pay a certain amount of money known as premium at regular intervals for a stipulated period to the insurer. In fact, insurance is a contract to pay a premium in return for which the insurer will pay compensation in certain eventualities e.g. fire, theft, motor accident, etc.
The foremost choice to open a career in this field is to start as an insurance agent. They are the people who advice the individuals and enterprises about insurance protection to their health, life and properties and sell the policies to provide protection against financial loss. Depending on their educational qualification and strengths, the agents have a good chance of becoming an employee of the company. This industry also provide great opportunities in marketing, distribution, actuarial, underwriting operations and investing departments. Insurance helps people manage monetary risks and losses related to investments, liabilities for wrong financial actions, and risks for inability to earn income at any stage of life. Insurance generally covers all these risks.