Insurance Underwriter, Life Salary
The average salary for an Insurance Underwriter, Life is $54,645 per year.
Job Description for Insurance Underwriter, Life
An insurance underwriter, life is responsible for determining if and under what terms an applicant for life insurance will be insured. An insurance underwriter, life primarily work indoors with computer programs that help he or she determine the risk of insuring an applicant. Some factors an insurance underwriter, life may take into account in insuring an applicant are age, health, and financial history. The terms the underwriter determines for the applicant include the premium that will be charged and the amount of coverage.Read More...
An insurance underwriter, life can expect to work mostly alone with computers and computer programs. He or she will typically work under a manager or supervisor. A typical insurance underwriter, life will be working a 9-to-5, 40-hour work week schedule in an office setting. The work is completely mental in nature. Some companies that would employ an insurance underwriter, life include State Farm, MetLife, or AIG.
Most life insurance firms will only hire an insurance underwriter, life that has a bachelor's degree. The degree can be in any major, but courses in math, business, or finance are helpful. An insurance underwriter, life will typically start out working as a trainee under the supervision of a more senior underwriter. Once the trainee gains more experience, the trainee can then start working on his or her own. There is a certification for underwriting available, and most employers will expect an insurance underwriter, life to gain certification. This certification can be achieved by completing coursework that keeps the insurance underwriter, life up-to-date with insurance policies, government regulations, and technology used in the field.
Insurance Underwriter, Life Tasks
- Underwrite, submit, approve or pend loans, and present decisions to management.
- Monitor existing policies for compliance with company guidelines.
- Manage underwriting territory and select new business based on analysis of their profitability.
- Analyze new and renewal business, data, claim history, loss experience, and outcome of liability decisions.
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