Are you thinking about joining the insurance industry? Find out why people need insurance and how it works.
The Insurance short course offered by Intelligo Solutions is a great entry-level qualification for individuals wanting to pursue a career in insurance.
This qualification will provide students with the skills required by the FAIS Act Fit & Proper and prepare individuals to manage long-term life insurance.
But is an insurance qualification the right move for you?
In the video, 'The basic principles of insurance' we take a closer look at the role of insurance officers and the concept of risk management.
What is Insurance?
“The basic principle of insurance is to protect an individual or company from the effects of financial loss.”
Insurance limits the consequences of natural disasters such as fires, floods and earthquakes. It can also protect members against losses incurred from burglaries, accidents and a range of unforeseen events.
“Insurance covers risks you can't prepare for.”
How does it work?
“An insurance company offers its protection by grouping together people who all feel exposed to the same risk.”
These “group members” will be expected to pay a certain amount of money known as a premium, which is collected and deposited into a fund.
Members who experience losses are then paid out of this fund.
What does an insurance officer do?
An insurance officer helps people understand and prepare for future risks.
They use statistical data to predict potential losses and help the client develop a financial plan to cover these losses.
Want to know more? Visit the Intelligo Solutions website or watch the informational video below:
By Cindy Payle - Portal Publishing