Terminology can be a bit of a bugger in the insurance industry. Whenever I am teaching my students, I always give them the Sneeze Paradox to explain this problem. Think of what happens when someone sneezes. For many, their first reaction is to offer the person a Kleenex. But are they really offering the person a Kleenex or are they actually offering them a tissue? Yep – they are offering a Tissue. We have just become very programmed as a society to always call tissues “Kleenex” thanks to successful marketing and branding campaigns.
What does that mean for insurance?
Ultimately this means that some of the common every day terms that we tend to use are not always used 100% correctly – even in an insurance office. Along with that, it also means some of the terms we use in everyday business transactions are different from the terms that someone like an accountant may use.
Whenever studying for an insurance course, always be sure to keep the Sneeze Paradox in mind. Exams will always ask for the true insurance definition of what something means, not just how it is used every day whether on the street or even in an office.
Looking for all the major insurance definitions? Contact the IBAM office to purchase a Glossary of Insurance Terms book which has all major insurance terms with their definitions clearly laid out in it.
I will be brutally honest – most people involved in the insurance industry did not grow up thinking that, when they grew up, they wanted to be an insurance broker. Myself? I was going to be a race car driver, which definitely did not pan out. (Refer to the fact that I now drive a toaster looking car – definitely not built for speed) The only exception to this observation seems to be people who knew that when they were older, they wanted to take over the family business which happened to be an Insurance Office.
But why is this? Insurance is a fundamental need of EVERYTHING!! It makes me chuckle to think how something this crucial is never really talked about when kids are growing up. Now you might be thinking, “What do you mean be fundamental? Isn’t insurance just a bunch of boring people pushing paper in an office somewhere”?
Well I can’t argue that it is primarily an office job but aren’t most jobs based somewhat in an office? The big difference with insurance is that it is a job where we provide something that everyone needs. Think about it. Movies can’t be made without insurance on the actors and sets. Homes cannot be purchased and mortgaged without insurance to protect them in the event of a fire. Cars cannot be on the road without protection on them.
Insurance is an industry that is recession proof, depression proof, and mundane proof. The world is not able to operate without insurance. It is this simple fact that makes is not only a stable profession but also one that is constantly evolving to meet the needs of the public. No two individuals, claims or policies are ever the same.
Know I don’t know about you, but that sounds like a pretty interesting industry to me…
Starting on any new career can be intimidating. Where do I start? Is this for me? Can I even do it? The real question that you should be asking yourself is – Why Not. A career in the insurance industry can mean a great stable future with the possibility of true success.
In this blog, I want to be addressing some of the common questions and conflicts that I have heard over the last 14 years of being in this industry. Whether or not it is how to get started, the training a person is required to do and even where it can take you, I can help. While I will admit to not know all the answers, I am sure that I can at least help steer you in the right path.
Along with that, if you have any questions or comments about anything that you read on this site, please do no ever hesitate to reach out to me. Comment on a post, email (firstname.lastname@example.org) or even call me at the office (204-488-1857). Helping someone gain success in their life is a true passion of mine so let me help you be the best you can be.