Insurance Underwriters: Salary, Job Description, How To Be One and More

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Insurance Underwriters jobs information
pros and cons of being an Insurance Underwriter

Insurance Underwriters

Other names for this job might include Account Underwriter, Automobile and Property Underwriter, Bond Underwriter, Commercial Lines Underwriter, Commercial Underwriter, Customer Service Representative, Health Underwriter, Insurance Analyst, Insurance Underwriter, Insurance Writer


  • $72650
    Salary
  • 70%
    Job satisfaction
  • Quite Hard
    Becoming one
  • Bad
    Job growth
OwlGuru Rank

B



Insurance Underwriters: Know It All In 1 Minute


In this career summary, you will find out what the job of An Insurance Underwriter is about and what it is like.

After reading this, you will have a good idea on what the job is about and decide if this is the right career for you.



Job description

Insurance Underwriters review individual applications for insurance to evaluate degree of risk involved and determine acceptance of applications.

  • 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.

Read more about what does An Insurance Underwriter really do at work and what is it like being and working as one.


Become one

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Salary

Average salary
$72650 per year

Hourly wage
$34.93 an hour


Insurance Underwriters with little to no experience tend to make between $38960 and $49290 while the more experienced ones make over $87820 per year.

Top 5 paying statesHourlyAnnual
NY$44.42$92380
NJ$42.9$89230
CT$42.36$88120
DC$40.51$84260
MA$39.69$82550

1 of the easiest ways to increase your salary as An Insurance Underwriter is to move to a higher paying state like NY. Right now, the highest paying states for Insurance Underwriters are NY, NJ, CT, DC and MA.

However a higher pay at NY doesn’t guarantee that you will make more because the living expenses at NY might be 2x higher than where you are currently at now.

3 other factors that can increase your salary as An Insurance Underwriter is the degree you hold, the industry you work in and lastly the company you work for (bigger companies like the Fortune 500 companies tend to pay more).

Find out how much do successful Insurance Underwriters make and if their salary is high when compared to all the other careers.


Requirements

Recommended degree level
Bachelor’s Degree

We asked other Insurance Underwriters what degree they had when they got the job and most of them said they had a Bachelors degree followed by Associates degree.

Other than that we also asked them what did they major in and here are the most popular majors that came up.

Actuarial Science
Insurance

Another popular question from our readers is what makes An Insurance Underwriter successful or would they be good in this career.

Well, we found that most successful Insurance Underwriters have these 5 skillsets.

Reading Comprehension
Active Listening
Judgment and Decision Making
Speaking
Critical Thinking

In addition to that, 1 common characteristic among successful Insurance Underwriters is they are good at Attention to Detail. Here are the top 5 common characteristics.

Attention to Detail
Integrity
Dependability
Analytical Thinking
Self Control
= Hot in-demand that most employers are looking for

Read more about what it really takes to become An Insurance Underwriter and the degree, training and education you need


Pros and Cons

Here are some reasons why you should and shouldn’t choose An Insurance Underwriter as your career.

PROS
Suitable for people who likes to follow routines
Suitable for people who values relationships between coworkers and customers and wants to work in a friendly noncompetitive environment
This career is perfect for people who love to work indoors.
Very good salary
CONS
Not suitable for people who likes to work with designs
It is hard to get into this career. A considerable amount of workrelated skill, knowledge, or experience is required for this career.
Demand for this career is declining


There will be pros and cons for all jobs. The point is how much do the pros outweigh the cons to you.

A pro to you might be a con to Bob. A pro to Bob might be a con to you. We suggest reading about this career framework that can help you to find out what type of careers are right for you.



What is the job like

Job satisfaction
70%

Is this job meaningful
37%


Working hours
40 hours per week

Working schedule
Regular (Set schedule and routine)


On a normal working week Insurance Underwriters work 40 hours per week.

70% of Insurance Underwriters said they were satisfied with their job and 37% said they feel like their job is making other people’s lives better.



Is this right for me

Best personality for this career
The Organizers and The Persuaders


You can read more about these career personality types here.

People who are suitable for this job tends to like following set procedures and routines. They like working with data and details more than with ideas.

They also like starting up and carrying out projects. They like leading people and making many decisions. Sometimes they require risk taking and often deal with business.



How we can help

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Career type

Business and Finance
Insurance Services

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Related to Insurance Underwriters Career Information

Insurance Underwriters job description, Insurance Underwriters salary, Insurance Underwriters information, what is the job of an Insurance Underwriter like, pros and cons about Insurance Underwriters, colleges and universities for Insurance Underwriters, is Insurance Underwriters the right career for me, Quite Hard careers to get into, careers in Business and Finance

Additional resources

http://www.bls.gov/OOH/business-and-financial/insurance-underwriters.htm
http://www.iii.org/
http://www.theamericancollege.edu/
http://www.naifa.org/

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Insurance Underwriters
Written by: Stanley Tan
Insurance Underwriters review individual applications for insurance to evaluate degree of risk involved and determine acceptance of applications.
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