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Details for Insurance Underwriters


Description

Review individual applications for insurance to evaluate degree of risk involved and determine acceptance of applications.

Tasks

  • Examine documents to determine degree of risk from such factors as applicant financial standing and value and condition of property.
  • Decline excessive risks.
  • Write to field representatives, medical personnel, and others to obtain further information, quote rates, or explain company underwriting policies.
  • Evaluate possibility of losses due to catastrophe or excessive insurance.
  • 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.
  • Review company records to determine amount of insurance in force on single risk or group of closely related risks.
  • Authorize reinsurance of policy when risk is high.

Interests

  • Enterprising - Enterprising occupations frequently involve starting up and carrying out projects. These occupations can involve leading people and making many decisions. Sometimes they require risk taking and often deal with business.
  • Conventional - Conventional occupations frequently involve following set procedures and routines. These occupations can include working with data and details more than with ideas. Usually there is a clear line of authority to follow.

Education, Training, Experience

  • Education - Most of these occupations require a four-year bachelor's degree, but some do not.
  • Training - Employees in these occupations usually need several years of work-related experience, on-the-job training, and/or vocational training.
  • Experience - A considerable amount of work-related skill, knowledge, or experience is needed for these occupations. For example, an accountant must complete four years of college and work for several years in accounting to be considered qualified.

Knowledge

Skills

  • Reading Comprehension - Understanding written sentences and paragraphs in work related documents.
  • 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.
  • Writing - Communicating effectively in writing as appropriate for the needs of the audience.
  • Speaking - Talking to others to convey information effectively.
  • Critical Thinking - Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
  • Judgment and Decision Making - Considering the relative costs and benefits of potential actions to choose the most appropriate one.

Related Careers

  • Actuaries
  • Assessors
  • Claims Examiners, Property and Casualty Insurance
  • Cost Estimators
  • Credit Analysts
  • Insurance Appraisers, Auto Damage
  • Insurance Policy Processing Clerks
  • Procurement Clerks
  • Tax Preparers
Wages for this career
America's Career InfoNet