Underwriter

Insurance companies take risks when they insure people homes and cars. Likewise financial institutions take risks when they lend money to individuals or businesses. Underwriters are employed by both of these industries to evaluate insurance and financial-related applications to determine whether the risks associated with specific individuals andor businesses are worth the potential costs to their employer. Probable risk is determined by assessing many factors related to their potential client. In regard to health insurance underwriters for example they must assess the past medical history and the age of their potential client and determine if it makes financial sense to insure them. In regard to the financial industry a bank underwriter takes into consideration their potential client’s credit score and their ability to make full and timely payments on a mortgage or loan. Insurance underwriters are employed by all companies that provide all types of insurance – including automobile life flood homeowner’s and more. Based on the information they assess on each application underwriters are responsible for either approving or denying coverage or loans. If approved underwriters may have a say in the specific terms of the insurance andor the loan based on the potential client’s history. According to the website www.ehow.com a majority of underwriters have a bachelor’s degree. Most have a background in accounting statistics or a business-related field. The United States Bureau of Labor Statistics reports that the salary range for underwriters is between $32000 and $100000 per year.

Education Required: Bachelor's Degree
Avg Salary: $66000
High Salary: $100000
Low Salary: $32000
Tasks: Determines if potential clients are good insurance risks.
Estimates the probability of a loss for their company.
Approves or denies applications.
Calculates appropriate premiums.
Also Called: Health Insurance Underwriter
Mortgage Underwriter
Financial Underwriter
Car Insurance Underwriter
Additional Resources: http://www.ehow.com/about_4679790_underwriter-job-description.html
http://www.jobdescriptions.net/business/insurance-underwriter/
http://www.buzzle.com/articles/underwriter-job-description.html