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What is Insurance?
Insurance is a field of study focused on protection from loss or risk. Insurance is a discipline of risk management and can be used to curb uncertainty or mitigate loss, albeit personal, financial, or corporate. There are two sides of an insurance contract: the insurer and insured. The insurer is also known as an insurance company or insurance carrier and is the issuing body of the insurance policy. The insured or policyholder is the person or entity purchasing the insurance policy or insurance contract. In return for predetermined installment payments (or premiums) from the policyholder, an insurance company promised to compensate the insured under specific circumstances for a pre-determined dollar amount.
The curriculum built around an insurance degree may include a variety of the following areas of concentration within insurance:
- Income Protection
- Life Settlement
- Political Risk
In terms of educational requirements, Insurance degree holders will have typically studied the following courses while in college:
Skills & Abilities Required
Employment Information & Specialization
For students that earn a college degree in Insurance, there are several fields of specialization that one can pursue. The options range from broker, underwriter, management, banking, advisor, marketing, advertising, finance, leadership, public relations, budgeting, recruiting, human resources, and sales training in the public or private domain to name a few possible career tracks.
Job Growth, Salary, and Related Fields
The job growth in the greater Insurance domain are well above average. For example, the rate of job growth for insurance agents is expected to rise 9% through 2024 and for financial advisors a remarkable 30% growth rate is expected during the same period. Given the broad nature of the Insurance degree, compensation after graduation can vary greatly from career field to career field given prior experience and geographic location. Related fields include banking, teaching, research, marketing, finance, and training.