Accounting, Banking, Finance & Insurance Careers

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Insurance Career

Insurance is understood as a coverage by contract wherreby one party undertake to indemnify or guarantee another against loss by a specified contingency, the amount for which it is insured. Insurance can therefore cover life, health, goods, equipments, travel or anything of value to the person. Till very recently, insurance was largely under the government sector. However, now many private multinational firms have come into India with a variety of insurance schemes. One who 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.

Eligibility For Insurance Career

To pursue a career in the insurance industry, one has to pass the entrance examination conducted by the Actuarial Society of India, Mumbai. Students who have passed 10 + 2 or equivalent exam are eligible. License is needed to work in this field which can be achieved through a training programme

Job Prospects For Insurance Career

There is great scope for insurance as a professional career., in both government and private sectors. In fact, the estimated requirement for trained professionals is expected to be mroe than 30,000 over the next two to threee years. Groth in the insurance profession depends totally on the individual.