Article Surfing Archive

Call them insurance brokers or insurance agents; or better still, personal financial advisors. Call">All these titles indicate to those people who engage their whole time to ensure your life's security. No wonder their profession is in much demand, and insurance sector is the largest employer in the nation, as they sell such financial products which protect your family and/or dependents when you are no more there.

As a matter of fact, not all the insurance sector workers are brokers; a good 70% work in administrative responsibilities of the total 2 million plus strong work force.

The Three Main Areas of Insurance Broking
An insurance broker being the front face of insurers works on three main areas of the whole business. Life insurance, Health insurance and Property insurance are these three areas. A broker is required to have a commanding and comprehensive knowledge of the financial market and economy as a whole in order that he advise his clients and help them choose the appropriate policy. Within an interaction or two with the clients the insurance broker will gather sufficient information about the clients' financial positions and future needs that he can tailor a solution for them.

An Insurance broker's basic duties include collecting premiums at designated intervals from policy holders, helping the family members of the policy holders in the event of death of the policy holders during the term of policy with claims and settlements etc.

Depending on how creative is an insurance broker; he can tailor products for children's college fees, healthcare benefits and hospital covers.

Health insurance brokers prefer a different style of working unlike life and property (car, house hold articles etc) insurance brokers. Accordingly, they are rather seen working with groups of employees more than with individuals. For those who specialize in health insurance, they are expected to be well versed with healthcare issues too. The governmental Medicaid policy is serviced by brokers who are directly employed by the government.

Lastly, property insurance covers both damages done by and to the policy holders. The claim settlements of property insurances need to be precariously handled as there are possibilities of policy holders fraudulently making false claims.

Career as Insurance Broker
There is a slender difference between insurance agents and brokers. Agents work as employees of insurers where as brokers are independent entrepreneurs. Because of their vast experience and time availability, they are engaged in activities as real estate broking and investment consultation etc to supplement their incomes. Insurance broker is qualified and licensed (Personal Financial Advisor) through examination as per US Patriot Act.