Definition of 'Insurance Advisor'

Definition: A professional who provides specialized guidance and advice for investment in various insurance schemes is an insurance advisor or insurance consultant.

Description: There is a stipulated fee or charge levied on the customer/ investor for the services offered by the advisor who is required to have a license for the practice of the same or the concerned qualification in this field. He is alternatively also known as insurance consultant.

An insurance advisor performs a number of functions such as intermediation, sales and other services for various transactions, compliance management, consulting or advisory role, etc.

Also See: Insurance, Guaranteed Survival Benefit, Guaranteed Surrender Value, Insurability

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Definition of 'Motor Insurance

Definition: A motor insurance policy is a mandatory policy issued by an insurance company as part of prevention of public liability to protect the general public from any accident that might take place on the road. The law mandates that every owner of a motor vehicle must have one motor insurance policy.

Description: Broadly, there are two types of motor insurance - the 'Act only' policy and a comprehensive policy. The scope of the 'Act only' policy is to pay compensation for death or any bodily injuries and for damage to property of third parties. While the insured is treated as the first party and the insurance company as the second party, all others would be third parties.

In case the vehicle is purchased under a hire-purchase agreement, the financiers insist upon a comprehensive policy to take care of their interest as collateral security. The perils covered under the comprehensive policy are fire or theft or both fire and theft in combination with the minimum requirements of the act (i.e. third party liability).

Comprehensively, these include damage to the vehicle by accidental external means: fire, lightning, explosion, self-ignition, burglary, house-breaking, riot and strike, malicious acts and terrorist acts, earthquake, flood, inundation, cyclone, landslide/rockslide, etc. while in transit by rail, road, air, inland waterways, lift or elevator.

Discounts can be availed if the insured chooses to exclude the following covers: earthquake cover, flood, cyclone and inundation cover, riot, strikes, etc. Discounts can also be availed for every claim-free year.

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How to Become an Insurance Agent

Four Parts:Insurance Work ExperienceInsurance Agent EducationInsurance Agent LicensingInsurance Agent EmploymentCommunity Q&A

Insurance agents research and sell life, health, home, car and other insurance policies to individuals and businesses. They earn a commission for bringing in new business, paid by the insurer. This article will tell you how to become a successful insurance agent.

Part 1. Insurance Work Experience

1

Work for 2 to 5 years in a sales environment. Insurance agents must be well versed in the handling of rejection, calling leads, marketing and asking for sales in order to survive in this competitive field. If you can handle a high-pressure sales environment, you can be an insurance agent.

• If you are in school and you want to apply for an insurance agent position after graduation, work in sales during your summer breaks. Many companies like to hire recent university graduates, but they will be looking for people who are social, resilient and have tried sales in some form.

2

Earn your commission regularly. You may need to prove to your potential employers that you can hit quotas. Keep track of your sales goals and achievements.

3

Become an independent sales representative or work in an environment where you are responsible for your work day. Many insurance agents, particularly non-captive agents, must be able to drum up sales without a lot of management.

Part 2. Insurance Agent Education

1

Consider a bachelor's degree in business or finance. If you want to begin your career path in insurance, this is an excellent entry into the industry. Many companies like to hire and train recent graduates.

2

Research the requirements for being an agent or producer in your state. Agents and brokers are often referred to in the general term "producers."

3

Take licensing classes. You can enroll in a certificate course or technical college course that is accepted by your state licensing agency.

• You may be required to take between 25 to 50 hours of class before signing up to take the exam. If you are earning a bachelor's degree in insurance, business or finance, you should be able to take classes during school that will qualify you to take the test.

Part 3. Insurance Agent Licensing

1

Submit proof of pre-licensing requirements to your state's insurance division, if required.

2

Take your state licensing exam. Pass the exam and gain a job with a licensed insurance firm to begin work as an agent.

• If you want to work in a state where you do not live, you will be required to obtain a non-resident insurance license.

Part 4. Insurance Agent Employment

1

Search for positions as a non-captive or captive insurance agent in your area. You can use job search sites or contact insurance companies and brokerage firms directly.

• Captive insurance agents work for an insurer and only offer their company's insurance. Non-captive agents research several types of insurance for their clients and offer them several options. They can receive commissions from many different companies.

2

Look for insurance firms that train their employees. Insurance agents should look for jobs with opportunities for learning and advancement.

3

Submit your proof of employment by a state licensed insurer or brokerage firm. This may be required by your state. All insurance agents are only licensed to sell insurance policies under this condition.

4

Complete a training period. New insurance agents may have a mentor or trainer before they start working with a territory.

5

Hit sales targets. You will need to achieve quotas regularly in order to be a successful insurance agent.

6

Enroll in continuing education classes to remain licensed. You will need to submit proof of a certain amount of classes every few years.

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