| Insurance is a contract wherein an insured (entity | | | | check whether or not the claim you made is a |
| or an individual) receives monetary protection or | | | | real one. |
| reimbursement against future losses from an | | | | From the following lines, know about the specific |
| insurer (insurance company). To put it in other | | | | job role of different insurance professionals. |
| words, an insured or a policyholder purchases | | | | 1. Insurance agents and brokers: Brokers and |
| policy from an insurance company and pays | | | | agents serve as mediators between you and |
| premium for the required coverage. In turn, the | | | | your insurance company. They guide you on the |
| insurer promises to cover the financial losses listed | | | | type and the amount of coverage you require. |
| in the particular policy. Apart from different type | | | | Though the duty of agents and brokers are |
| of policies, insurance industry is dominated by a | | | | basically same, yet a broker represents a number |
| number of insurance professionals, who guide | | | | of companies whereas an agent is a |
| people right from purchasing a policy to settling a | | | | representative of a particular insurance company. |
| claim. | | | | 2. Insurance underwriters: It is the job of |
| Types of insurance policies | | | | insurance underwriters to calculate the risk |
| Insurance industry is nothing without insurance | | | | associated with a person or an entity. Being a |
| policies. There are a number of insurance policies, | | | | representative of the insurer, underwriters design |
| some of which are listed below.o Life insurance: In | | | | policies so as to make it profitable for the |
| life insurance, the designated beneficiary | | | | insurance company. |
| beneficiaries get cash benefit in the event of the | | | | 3. Claims examiners: After you file a claim, it the |
| policyholder's death.o Auto insurance: You need to | | | | duty of examiners to review the submitted |
| purchase an auto insurance policy if you own a | | | | claims. They also help insurance adjusters if |
| vehicle. This policy provides coverage to you and | | | | there's a sudden increase in the claim volume. |
| your car in the event of an accident, theft or | | | | 4. Insurance adjusters: Adjusters are insurance |
| damage. It also covers bodily injury and property | | | | professionals who work with experts to evaluate |
| damage liability.o Health insurance: As the name | | | | a particular claim. Apart from this, adjusters |
| suggests, this policy covers the cost of future | | | | negotiate with policyholders and settle a genuine |
| medical treatments. | | | | claim. |
| Apart from personal insurances, there are also | | | | 5. Insurance investigators: Apart from above, |
| business insurance policies that protect your | | | | there is a group of professionals who investigate |
| company against financial losses due to theft, | | | | a claim if it is suspected as a fraudulent act. In |
| damage or liability. | | | | this situation, insurance investigators try to obtain |
| Insurance professionals: Their responsibilities | | | | background information by cross-questioning |
| Whom do you contact when you want to | | | | claimants and witnesses and submit the report to |
| purchase insurance policies or need to settle a | | | | the insurance company. |
| claim? Yes, they are insurance professionals, who | | | | Thus, it can be said that insurance professionals |
| guide you to purchase a policy, answer your | | | | are a part and parcel of insurance industry. They |
| specific queries and also help you to file a claim. It | | | | guide you as well as look after the benefit of the |
| is also the responsibility of these professionals to | | | | insurance company. |