Study Insurance, Insurance Schools


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The world of finance used to be controlled by the merchant bankers. These merchant bankers were usually run by families which spans to different generations. There were even times when Kings and Heads of States would bow down to the Rothschilds, Barings and Warburgs just to have financing during the 18th to the 19th century. However, the emergence of insurance companies have somewhat burst the bubbles of these merchant princes and are now considered the financial powerhouses of high finance. Although some of the old banking families still have presence in the financial world, their clouts are not as powerful as they used to be.

Insurance companies are now the gears that move the machinery called the financial world. It is the insurance companies that are usually now approached first by investment bankers who might want to invest in business undertakings these investment bankers are underwriting because, they, the insurance companies, are awash with so much cash. Usually when there are IPO’s in the market, government bond offerings, companies who want to raise funds through issuance of commercial papers or mutual fund investments, insurance companies are approached first because they are largest single entities that might possibly put up large amounts of money on such financial investments.

Basically, insurance companies have a business model of selling insurance products through issuance of insurance policies that are paid on a monthly, quarterly or annual basis to lessen the effects of financial incapacity of bread winners, theft, loss and exorbitant hospital bills. The insurance industry is divided in four branches namely: life insurance, non-life insurance, car or motor insurance, and medical insurance.

Life insurance usually covers the potential loss of financial capability of an individual. If a policy holder dies or got incapacitated because of an accident or natural causes, the insurance issuer would pay up his beneficiaries the amount set by in the policy. Non-life insurance on the other hand would cover the risk of anything of value from fire, theft or loss. Usually, owners of houses, buildings, jewelries, works of art, and cargoes are those eyed by non-life insurance underwriters as potential clients. Although car or motor insurance would fall under a non-life insurance policy, it is considered a separate industry because it has its own regulating body and it has become too large a business. And lastly, medical insurance, which are now getting popular would cover the risk of an individual against exorbitant costs of being hospitalized.

No matter what type of insurance product an individual may possess, the think-tanks of the insurance companies, which usually are math wizards, have only one thing in mind and that is to determine whether the applicant is risky or not and how risky the applicant is. Usually, risk factors like age, if applicant is a smoker, sex, a car’s year make and model, driving violations, weather conditions, a ship’s captain’s experience and other factors that would determine insurability of a policy whether it’s a life or a non-life policy.

Insurance traditionally is a business dependent on premium payments. However, as insurance companies are getting bigger and bigger, investment banking, loans and venture capitalism are now included in most business models of insurance companies.

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