How to become an Insurance Underwriter
Insurance Underwriter Job Duties
Skills and Qualities of an Insurance Underwriter
Insurance Underwriter Salary
Influential Insurance Underwriters
Leading Insurance Underwriter Organizations
Top Cities for Insurance Underwriter Jobs
Other Careers of Interest
Using their computers the underwriters analyze information in the insurance applications to determine if the risk is acceptable. Their primary job is to make sure that it will not result in a large loss for the insurance companies. There are often reports that supplement the applications for insurance. These reports contain loss control representatives' data, medical records, reports from data vendors and actual studies. The underwriters must then determine whether or not to issue the policy and to determine the appropriate premium to charge when a policy is issued.
More often than not new employees will start as underwriter trainees or assistant underwriters. Their job is usually to collect information on applications and evaluate routine applications with supervision from an experienced risk analyst. They may also be assigned to studying case files to become familiar with factors associated with certain types of losses. Some of the larger insurers do offer work study training programs. With the more experience the trainee gains they are assigned policy applications that are more complex.
Other qualifications include people who enjoy analyzing information and paying attention to detail. An underwriter must possess good judgment so they can make sound decisions. It is imperative that underwriters have good communications and interpersonal skills. This is because much of the underwriter's work involves dealing with agents and other insurance professionals.
In order to advance in his career the underwriter will have to receive continuing education. There are independent study programs available for experienced underwriters. For underwriter training programs check with the Insurance Instituted of America. It also offers an Associate qualification in a Commercial Underwriters program. If you prefer you can also obtain an Associate in Personal Insurance designation. To earn either of these associate designations underwriters must complete a series of courses and examinations that will generally last between 1 and 2 years.
There are usually better than average benefits offered by insurance companies, which often include retirement plans and employee financed group life insurance. Many insurance companies will also pay tuition for underwriting courses for their trainees and some offer salary incentives for more study.
Huebner quickly realized the need for uniformity, fairness and honesty in the insurance industry. He also wrote some pioneering texts on various types of insurance. These included life, property and marine. He also stressed the importance of honesty, professionalism and the quest for expert knowledge.
There is also the American College that offers the equivalent Charter Life Underwriter CLU designation. They also offer the Registered Health Underwriter for life and health insurance professionals.
The leading city for insurance underwriters was New York City, NY. A distant second was Chicago, IL and Los Angeles, CA came in third. Dallas, TX and Atlanta, GA were close fourth and fifth.
Those with experience in fields relating to insurance will have the most job opportunities. Others with a background in finance with strong computer and communications skills will also find the job market more favorable.
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