What a Life Insurance 101 Course Would Entail
If there were a life insurance 101 course given at a university, it would start with the most general context of life insurance, before delving into the esoteric technical details of it all. And life insurance can get very technical: very legal, very mathematical. No, a life insurance 101 course would start off with the abstract, more general descriptions of what insurance is in general, and what it’s greater purpose is at the societal and individual household level. And what life insurance actually is, is a financial product; it’s a product in the sense that it’s something that can be packaged and sold, like any other product out in the market place; like a toy that can be packaged and sold, so too can life insurance. And it is. There are a number of “models” of life insurance packages. And like luxury auto makers, there’s sort of an entry level class model of insurance, then a middle class level, and a sort of top or high class model of the insurance; the top class being the premier edition of the models in the series. A course would definitely touch on the idea of a financial product as well. And what is a financial product? Almost every guess you could possibly come up with as an example would likely be correct and apt. Cash is a financial product. Legal tender is a contract, first and foremost, and it symbolizes and represents a unit of value that a government endorses as its official currency that it manages. Stocks in publicly traded companies are also financial products.
