Careers in insurance generally fall into two categories. In the sales category, individuals can work as employees for insurance companies or as independent agents. Administrative employees work to meet the needs of the firm's customers. A part of effective risk management is to ensure that, when insurance is purchased, the coverage is proper for the individual situation. Three questions can be used as guidelines in this regard.
Fire insurance covers losses resulting from fire.
A coinsurance clause is a part of a fire insurance policy that requires the policyholder to purchase coverage at least equal to a specified percentage of the replacement cost of the property to obtain full reimbursement for losses. Extended coverage is insurance protection against damage caused by wind, hail, explosion, vandalism, riots or civil commotion, falling aircraft, and smoke. Theft Insurance Burglary is the illegal taking of property through forcible entry. Robbery is the unlawful taking of property from an individual by force or threat of violence. Premiums vary with the type and value of the property covered by the policy.