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Insurance is something that everyone needs at some point in their adult lives. In simple terms, insurance is a form of financial protection. People purchase insurance in order to cover themselves, their health, their home and their personal property, should any harm come to them. Companies also purchase insurance, to cover their business and their employees in the case of legal problems or financial unease.
An insurance company will sell insurance (cover) to a person or company (the policy holder). The amount charged is called the premium. A relationship between the two parties will form, whereby the policy holder pay a premium to the insurer, in exchange for the insurer's promise to compensate in the case of a financial or personal loss.
There are many types of insurance such as life, health, travel, home, motoring, travel, contents, commercial and public liability insurance. Insurance companies will either specialise in one type of insurance, particularly between individual or commercial insurance.
A pension is a way of investing for retirement for individuals. The Government urges people to put money away so to prevent poverty in old age. Once in retirement, a person will receive a regular payment from an investment fund which they, or their previous employers have set up over a period of time. Some employers will contribute money to their employees pension, on top of paying salary.
Pensions in the UK can be split into three major divisions: State Pensions, Occupational Pensions and Individual/Personal Pensions. The state provides basic pension provision so to prevent poverty in old age.
Jobs within the Insurance and Pensions job path are generally involved in the investment management of people and companies, ensuring that they are financially supported in retirement or in unfortunate circumstances.
Like the rest of the financial services industry, there are a number of administrative roles available, as well as those directly involved in economics and finance. The type educational requirements can vary from role to role, but it is an extremely important and lucrative area of work.