Insurance Underwriters

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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

  • Underwriting Service Representative
  • Underwriting Manager
  • Underwriting Director
  • Underwriting Consultant
  • Underwriting Account Representative
  • Underwriter
  • Risk Analyst
  • Reviewer Sales
  • Reviewer
  • Property Underwriter

What They Do

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

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.

LMI Region

Wages

In 2013, the average annual wage in New Jersey was $91,280 with most people making between $52,820 and $141,250

Outlook

0.00%
avg. annual growth

During 2008, this occupation employed approximately 4,300 people in New Jersey. It is projected that there will be 4,100 employed in 2018.

This occupation will have about 0 openings due to growth and about 130 replacement openings for approximately 130 total annual openings.