Insurance industry has emerged as one of the most sought and profitable sector throughout the world. Insurance industry works on damage control basis. People invest in insurance policies because they are scared of uncertainties. They want to secure future of themselves and their loved ones.
Insurance industry is divided in two sectors, general insurance and the life insurance. General insurance refers to insurance for vehicles, insurance for companies, shipping and cargo insurance etc. In other words any insurance policy that does not cover a life falls under the general insurance.
Insurance companies can be privately owned or jointly owned by the government and the private entities. Insurance companies recruit field agents or sales executives to penetrate the market. Insurance sector is governed by separate laws. One needs to pay insurance premiums to keep their life insurance policy active.
Insurance industry is growing competitively day by day. Privately held companies are now coming up with different schemes and policies to attract new customers. It is extremely important that these organizations educate the customers about different policies and the terms and conditions attached with each of these policies. Insurance sector has not only employed several people but it has also helped several individuals secure their families future.
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