This protection is offered in the form of insurance policies. It is a giant, highly complex industry that has grown out of an ancient and very simple principle: The more people who share a financial risk, the smaller the risk is for each. It can be noted that a crude, but effective form of insurance based upon this principle was applied thousands of years ago in China. Boats often sank in the treacherous Yangtze River, and their cargoes were lost, sometimes bringing financial ruin to their owners. Then the shippers hit upon the idea of sharing the risk by having each person's goods distributed among many boats. That way, if one boat sank, a number of people lost a small part of their belongings, but no one person suffered a heavy loss.
On the other hand, the practice of a relatively insurance career was already observed in the past In fact, early Babylonians had a form of credit insurance. The Code of Hammurabi, a collection of Babylonian laws written about 1700 B.C., stipulated that a borrower did not have to repay a loan if personal misfortune made it a hardship to do so. The borrower paid an additional amount for this protection. Meanwhile, another form of insurance made life a little less hazardous for American settlers in the early frontier days. If a family's cabin burned, the neighbors would get together and build them a new one, knowing that they would get the same kind of help if they suffered a similar misfortune. In a way, they too were sharing the risk. Today, insurance sales job can be more complex and crucial. The population is much too large and life little much too complicated for such simple means of sharing risk to protect people against the many hazards that could cost them their property or their financial security. Instead, people share the risks by purchasing insurance policies.
In insurance employment for any risk, customers pay a certain amount of money, called a premium, to an insurance company for coverage against possible loss.When a person buys a fire insurance policy on a home, for example, he or she pays the insurance company only a small fraction of what it would costs to replace the house. If the house burns down, however, the insurance company is able to pay the owner for all or part of the loss by using the money that other people have paid for their insurance policies. In that way, each person who buys an insurance policy is protected against financial loss by all of the others who have bought policies.
There are many insurance careers opportunities in insurance industry which can be found anywhere in the country. In small communities, however, insurance employment is usually limited to agents, brokers, and the clerical workers they hire. They account for roughly half of the people in insurance. The other half work mostly in the larger cities, in home offices or regional offices of the insurance companies or industry organizations. But some of these offices are in cities throughout the country, but consistently, greatest number are concentrated in New York, New Jersey, Massachusetts, Connecticut, and Illinois.
Furthermore, insurance sales job industry is divided into three main branches: life insurance, health insurance, and property and liability insurance. Companies may specialize in one or all three types of coverage. Life insurance is basically a means by which one person provides for the financial security of others-usually other family members-in the event of that person's death. Using life insurance in its simplest form, a person pays an insurance company a small amount each month for a policy that guarantees that the family will receive a relatively large amount of money if the person dies while covered by the policy. However, many life insurance policies combine this form of protection with others. Some provide for the policyholder to receive a regular income after reaching retirement age. Some provide funds for a college education for the policyholder's children. Some will pay off the mortgage on a person's home if he or she dies or becomes unable to work. Meanwhile, health insurance pays all or part of hospitalization, surgery, medicines, and other medical costs. This helps protect the policyholder against larger medical bills in the case of an illness or accident. Indeed, insurance job has a unique means of helping people and the society as a whole. It does not only provide a rewarding end, but also on the health and safety welfare of each person.