Insurance Broker Training: Most Common Types of Insurance
One of the most important things that you would learn from your Insurance broker training is the different types of insurance. Knowing the different types of insurance can help you decide which products to sell or offer to your clients. This important piece of knowledge from your insurance broker training can help you during your consultations or presentations to your clients.
Here are the most common types of insurance which most insurance broker sells.
Health Care Insurance
Health insurance is one of the most sought after insurance products. Due to increasing medical service fees and medicines, a lot of people opted to buy health insurance while they are still young, healthy and have stable jobs so that they can feel secure when they get older, they have a back up plan that can cover most of their medical bills, doctor’s fees, hospitals payments and other health related needs.
Life Insurance
A life insurance is a plan that provides protection to the family of the insured in terms of financial coverage in case the policy holder meets an untimely death or disability. This insurance is common amongmost parents who wants their children financially covered just in case some unwanted incidents happens to them that could result to disability or death. Life insurance plans are usually paid in monthly basis and fees for this type of insurance is based on the age, health and occupation of the policy owner.
Auto Insurance
Auto insurance is a must for every car owner. You cannot own a car without having car insurance coverage. There are 3 types of Auto insurance coverage: Physical Damage Coverage, Liability Coverage, and Uninsured and Underinsured Motorist Coverage. The policy holder usually pays monthly car insurance to the insurer, while the insurer on the other hand is liable to pay the policy holder for the damages occurred when a mishap or accident happens.
Travel Insurance
This type of insurance is usually offered to people who like to travel, whether locally or internationally. Most people who avails this type of insurance are people who loves the outdoors and extreme sports such as mountain climbing, surfing, and motor racing. Travel insurance usually covers the medical bills as well as compensating the financial loss occurred once policy holder faced any mishaps during his travels
Home Insurance
Houses are probably the most important if not most expensive investment for most people, thus most home owners wants their homes insured. There are a lot of different home insurance that can cover your loss if ever your house got robbed, destroyed by natural disasters or by fires. Monthly fees for home insurance are based on the actual value of the property, location and other factors.
Business Insurance
Business Insurance policy holders can avail insurance plans that can cover their property and liability. Business insurance is common among small and medium sized business organizations. Most of them are availing the Business Owners Policy or BOP package, whereinbusinesses are well covered in terms of property insurance, liability protection and other business interruptions.
There are still a lot of different types of insurance that can be offered by insurance brokers to different people and clients. If you are planning to enter the insurance brokers’ industry, you just need to go to an accredited Insurance Broker Training facility to know these types plus the other important ins and outs ofyour chosen insurance field to prepare yourself for a career in insurance brokerage.
Read our previous articles on Insurance Broker training to know about the qualifications and requirements in becoming a licensed insurance broker.
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