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.
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.
$72650 per year
$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 states||Hourly||Annual|
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).
Recommended degree level
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.
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.
|Judgment and Decision Making|
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 |
= Hot in-demand that most employers are looking for
Pros and Cons
Here are some reasons why you should and shouldn’t choose An Insurance Underwriter as your career.
|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|
|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
Is this job meaningful
40 hours per week
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.
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They analyze credit data and financial statements of individuals or firms to determine the degree of risk involved in extending credit or lending money. Prepare reports with credit information for use in decision making.
They analyze financial information and prepare financial reports to determine or maintain record of assets, liabilities, profit and loss, tax liability, or other financial activities within an organization.
They advise clients on financial plans using knowledge of tax and investment strategies, securities, insurance, pension plans, and real estate. Duties include assessing clients’ assets, liabilities, cash flow, insurance coverage, tax status, and financial objectives.
They examine budget estimates for completeness, accuracy, and conformance with procedures and regulations. Analyze budgeting and accounting reports.
They conduct programs of compensation and benefits and job analysis for employer. May specialize in specific areas, such as position classification and pension programs.
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