INTRODUCTION
Insurance is a safety outlet that protects lives and possessions in the form of monetary compensation to anyone who suffers a loss or accident. The insurance company undertakes, in exchange for a payment or regular, fixed payments (premium) from a person to compensate a certain amount in the event of disability, loss or damage to his property, or upon his death. The two broad categories of insurance are 'Life Insurance' which is protection against financial losses due to premature death, illness or permanent disability and 'General Insurance' which covers against fire, marine, aviation and motor accidents.

JOB DESCRIPTION
The insurance industry offers a wide range of career opportunities such as:

(a) Actuary (Actuarial Executive, Actuarial Officer, Actuarial Trainee)
- Ensures that the insurance company charges a fair price to assume the insurance risk and has enough money to pay claims and operate profitably.
- Determines premium rates and assesses the long-term financial health of a life insurance company.
- Assesses the long-term financial soundness of life insurers.

(b) Claims Officer
- Arranges for the payment of claims to policyholders.
- Deals with enquiries regarding claim procedures from policyholders.
- Investigates claims and deals face-to-face with policyholders.
- May have to inspect the site of accident, burglary or disaster.
- Liaises with claimants, the police, solicitors and witnesses.

(c) Insurance Agent
- Works for an insurance company selling life, accident, endowment, fire, marine and other types of insurance.
- Sources for new clients, assesses the needs and financial means of clients and draws up policy proposals that will suit the clients' needs and lifestyles.
- Sells policies, explains features, premium rates, cash and loan values and other benefits to clients.
- Arranges for medical examinations, property inspections or other policy stipulations.
- Collects premiums on behalf of the company and keeps required records.
- Provides good after-sales support such as renewing clients' insurance policies, updating them on new insurance policies or products and servicing claims.
- To qualify as a life insurance agent, one has to pass the 'pre-contract' examination presently conducted by the Life Insurance Association of Malaysia (LIAM) and to be a general insurance agent, one must pass the Certificate of Proficiency in General Insurance (CPGI) examination conducted by the Malaysian Insurance Institute (MII).
- Can work on a part time or full time basis. Agents are paid by way of commission (based on insurance sales) by the insurance company.

(d) Insurance Broker
- Works as a full time professional middleman on behalf of the insured by acting as an intermediary between the insured and the insurance company.
- Analyses clients' needs and recommends appropriate policies.
- Selects suitable insurance companies, negotiates rates and premiums on clients' behalf.
- Assists in settling claims for which the insurance company will pay the broker a brokerage fee.
- Requires a licence from the Director-General of Insurance or needs to take a professional indemnity policy before commencing business.

(e) Loss Adjuster/Assessor
- Works as an independent professional, may be appointed by policyholders, brokers or underwriters to investigate a loss due to fire, motor accidents etc.
- Estimates the extent of loss and size of claims.
- May have to visit sites of accidents or disasters, interview witnesses, obtain statements and liaise with the police.
- Needs to possess knowledge of insurance coverage and the different kinds of losses to be able to determine the extent of loss or damage.
- Requires a licence from the Director-General of Insurance.
- If appointed by an insurance company to survey a loss, their job is to investigate the cause of the loss, determine the extent of loss and report their findings to the insurance company. The claims by the insured are settled based on their reports. The insurance company will pay them a fee for the work done.


(f) Marketing Agent
- Identifies insurance needs of clients.
- Supervises and assists insurance agents.
- Provides insurance agents with proper training and guidance.
- Provides after-sales service to clients.

(g) Underwriter
There are two main categories of underwriters. They are:

(i) Life Underwriter
- Handles life insurance against illnesses, permanent disabilities and deaths.
- Works behind the scene to decide if the company should insure a prospect and the premium to be charged based on the clients' information supplied by the insurance agent.
- Assesses risk factors involved after receiving clients' particulars.
- Decides on the terms and conditions of the insurance policy and sets the premium.
- Ensures that the premium set is competitive and profitable to the company.
- Plays a big role in claims payout.

(ii) General Underwriter
- Works on general insurance against financial losses caused by events such as accidents or fire.
- Decides if the company should insure a client.
- Determines terms and conditions of the insurance policy and sets the premium.
- Ensures that the premium set provides the company with sufficient money to payout claims, cover costs and build up a reserve