This occupation is part of the Business and Financial Operations cluster
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About the Job
Review individual applications for insurance to evaluate degree of risk involved and determine acceptance of applications.
It is also Called
- Account Underwriter
- Automobile and Property Underwriter
- Bond Underwriter
- Commercial Lines Underwriter
- Commercial Underwriter
- Customer Service Representative
- Health Underwriter
- Insurance Analyst
- Insurance Underwriter
- Insurance Writer
What They Do
- Decrease value of policy when risk is substandard and specify applicable endorsements or apply rating to ensure safe profitable distribution of risks, using reference materials.
- Decline excessive risks.
- Write to field representatives, medical personnel, and others to obtain further information, quote rates, or explain company underwriting policies.
- Review company records to determine amount of insurance in force on single risk or group of closely related risks.
- Examine documents to determine degree of risk from such factors as applicant financial standing and value and condition of property.
- Authorize reinsurance of policy when risk is high.
- Evaluate possibility of losses due to catastrophe or excessive insurance.
Interests
People who work in this occupation generally have the interest code: CEI.
This means people who work in this occupation generally have Conventional interests, but also prefer Enterprising and Investigative environments.
Work Values
People who work in this occupation generally prize Relationships, but also value Independence and Support in their jobs.
Things They Need to Know
- Medicine and Dentistry - Knowledge of the information and techniques needed to diagnose and treat human injuries, diseases, and deformities. This includes symptoms, treatment alternatives, drug properties and interactions, and preventive health-care measures.
- English Language - Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
- Customer and Personal Service - Knowledge of principles and processes for providing customer and personal services. This includes customer needs assessment, meeting quality standards for services, and evaluation of customer satisfaction.
- Mathematics - Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
- Clerical - Knowledge of administrative and clerical procedures and systems such as word processing, managing files and records, stenography and transcription, designing forms, and other office procedures and terminology.
Things They Need to Be Able to Do
- Reading Comprehension - Understanding written sentences and paragraphs in work related documents.
- Judgment and Decision Making - Considering the relative costs and benefits of potential actions to choose the most appropriate one.
- Active Listening - Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
- Critical Thinking - Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
- Speaking - Talking to others to convey information effectively.
- Writing - Communicating effectively in writing as appropriate for the needs of the audience.
- Complex Problem Solving - Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
Education Required
Most of these occupations require a four-year bachelor's degree, but some do not.
Wages
In 2012, the average annual wage in California was $74,310.00 with most people making between $43,190.00 and $118,230.00
Outlook
During 2010, this occupation employed approximately 8,700 people in California. It is projected that there will be 9,300 employed in 2020.
This occupation will have about 70 openings due to growth and about 280 replacement openings for approximately 350 total annual openings.
Similar Occupations
- Purchasing Agents, Except Wholesale, Retail, and Farm Products
- Claims Examiners, Property and Casualty Insurance
- Insurance Adjusters, Examiners, and Investigators
- Cost Estimators
- Compensation, Benefits, and Job Analysis Specialists
- Auditors
- Financial Examiners
- Tax Preparers
- Risk Management Specialists
- Loan Interviewers and Clerks
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