HideRating Insurance in its basic form is defined as “ A contract between two parties whereby one party called insurer undertakes in exchange for a fixed sum called premiums, to pay the other party called insured a fixed amount of money on the happening of a certain event." In simple terms it is a contract between the person who buys Insurance and an Insurance company who sold the Policy. By entering into contract the Insurance company agrees to pay the Policy holder or his family members a predetermined sum of money in case of any unfortunate event for a predetermined fixed sum payable which is in normal term called Insurance Premiums. Insurance is basically a protection against a financial loss which can arise on the happening of an unexpected event. Insurance companies collect premiums to provide for this protection. By paying a very small sum of money a person can safeguard himself and his family financially from an unfortunate event. For Example if a person buys a Life Insurance Policy by paying a premium to the Insurance company , the family members of insured person receive a fixed compensation in case of any unfortunate event like death. There are different kinds of Insurance Products available such as Life Insurance , Vehicle Insurance, Home Insurance, Travel Insurance, Health or Mediclaim Insurance etc. To know more about different type of Insurance Products please visit our page Learn Insurance.
Big Business
As you can see from the stories featured on this site, insurance is incredibly big business: in recent years, the total net investments of the UK insurance industry accounted for almost 20% of the total net worth of the UK economy. The UK insurance market, valued at more than £100 billion, is the largest in Europe and the third largest in the world. In fact, insurance is the UK's second largest export. And you'll find insurance plays a significant role in every aspect of life and business. The industry promotes investment in the future economic growth of the whole country by using the premium income received to provide long-term capital for investment. It helps to fund public services and company expansion, earn foreign currency and generate tax. Above all, insurance is concerned with people. It supports individuals in times of need through private health care, pensions and long-term savings plans, and through payments for property damage, injury and accidents. Industry initiatives also help people in less obvious ways - improving security to help fight crime, supporting the victims of crime, and helping to improve safety on the road and at work. Quite simply, insurance gives us the comfort and security we need to get on with our daily lives in a rapidly changing world, where new problems arise every day. Tackling the threats born of technological development - such as computer hacking, identity or intellectual property theft - and protecting businesses and homes from the catastrophic effects of climate change, for example, present unique challenges and demand a complex range of skills. It all adds up to a thriving, complex and exciting international industry. In the UK alone, insurance employs more than 330,000, with another million people working in related activities. In terms of careers that translates into an enormous range and diversity of opportunities. If you are commercially aware, know how to communicate with people and seek excellent rewards, this could be the place to start building a successful and highly rewarding career.
