Insurance

Courses & Eligibility

Insurance Agents:

The one who wish to become Insurance agents are required to undergo 100 hours of training by the respective insurance company. After the completion of the training, the candidate is eligible to attend the online examination conducted by the Insurance Regulatory Development Authority (I.R.D.A). 50 marks are set for qualifying in this examination. In this, the agent gets fixed commission on every policy they sell to people.

Composite Agent :-

Composite agent is the one who sells both Life and General insurance policies. Assuming that you are a general insurance agent, one has to undergo a training of about 100 hours in promoting life insurance products. A Life insurance agent has to undergo 50 hours training towards promoting general insurance products before appearing for another exam. A composite agent has to appear for another test conducted by I.R.D.A. An agent has to undergo a training of about 25 hours in order to renew his license after three years. The training institutes are recognized by I.R.D.A and the agents get sponsored by their company. The agents work under development officers and the credit of a policy done by the agents goes to development officers of that organization.

Besides the insurance companies provide incentive schemes for the insurance agents from time to time and this job is as good as the work that is not done on regular salary basis.

Insurance Surveyors:

A Surveyor is the one who surveys about the losses occurred and estimates the value of the loss. It is a professional post and the agents work as consultants for the company. A candidate estimates the value for industrial accidents having a background of mechanical engineering. The surveyor investigates, evaluates, estimates and finally submits the report of the damage occurred.

A surveyor must hold either a fellowship or associate ship from one of the following:-

  • The Institute of Insurance surveyors and Adjusters (IISA), Mumbai
  • A degree or diploma in architecture from a recognized university or institute.
  • Fellowship or Associateship from the Institute of Chartered Accountants or Costs and Works Accountants.
  • A degree or diploma from a recognized institute of engineering or a degree or diploma in naval architecture.
  • They have to apply to the IRDA for a license that further categorizes them as Class A, B, C, or D. A surveyor, loss adjuster or assessor is the only specialized link between the insurers and the insured.

Pattern for membership:-

  1. Fellow ship: - 10 years after employment.
  2. Associate ship: - 5 years after employment.
  3. Licentiate: - 10years after employment.
  4. Student:- undergoing apprenticeship

IISA grants membership for four categories of Fellow, Associate,Licentiate and Student.

Qualifications for an Insurance surveyor:-

The following are required qualifications of the candidate to be fulfilled for the membership of institute in order to satisfy the managing committee:-

  • Should be in professional practice either as a Principal or Head or responsible surveyor of any company or corporation connected with the profession or business of Insurance Surveyors or Adjusters for at least two years.
  • Should be in the business or profession of Insurance Surveyor or Adjuster.
  • Should have attained the age of 21 years.
  • Should be able to furnish proofs of his professional ability as the Managing Committee may in their absolute discretion require.
  • Is not an owner, partner or otherwise directly or indirectly connected with a workshop or motor garage undertaking repairs of accident job.
  • Is not directly or indirectly connected or otherwise works as broker or agent in insurance business.
  • Is not an employee of an Insurer or a Principal or Chief Agent of an Insurer.

Associate:-

Any individual properly licensed by the Insurance Regulatory and Development Authority of India is eligible to apply for Licentiate Membership of IISA.

Licentiate:-

Two years after employment and properly licensed by the Insurance Regulatory and Development Authority of India, any individual is eligible to apply for Licentiate Membership of IISA.

Student:-

Any individual undergoing apprenticeship with a licensed practicing Surveyor is eligible to apply for student membership of IISA. Student Membership can be upgraded to Licentiate Membership on obtaining a Surveyors License from Insurance Regulatory and Development Authority of India.