An Insurance Underwriter career requires having extensive education. Each state has an organization or State Insurance Commission that issues licenses upon completion of required studies, examinations and continuing education. There is no federal regulation regarding any educational standards. Underwriters must have good judgment skills, good communication skills, interpersonal skills, and be able to work well with other agents, as well as insurance providers. . Areas of specialty insurance underwriting include: Health, life, property and liability (automobile, fire and worker’s compensation).
Continuing education is essential, and is often required to maintain a current license or degree.
The Insurance Underwriter profession requires a Bachelor’s Degree in Business Administration, finance or math. A basic course of study in accounting, law and computer science is required. Upon completion, graduates work as underwriters or assistant underwriters. Caregivers should seek to investigate and become familiar with the factors involved in certain types of damages. Many insurance companies offer Work Study Programs that teach, for several months or years. Insurance companies can reimburse the tuition of the courses their trainees will complete profitably.
Underwriter and Master Degree
The Insurance Institute of America offers courses, such as introduction to writing, that take one to two years. Qualifications upon completion: Associate Degree in Commercial Underwriter (AU) or Associate Personal Insurance (API). Each level requires completion of a course of study and examination. Advanced study in underwriting, offered by the Insurance Institute of America, and completion of the Certified Property and Casualty Underwriter Degree (CPCU). The requirements are to complete a four-year course of study and eight exams. These courses include: Risk management, insurance operations and regulations, business and insurance law, financial management and financial institutions. Also require three courses in coverage or personal or commercial insurance.
American College offers degrees in Charter Life Underwriter (CLU) and Underwriter Health Underwriter (RHU). Charter Life Underwriter applicants must complete five required courses and choose three of the five elective courses. Required courses include: Basics of Insurance, Individual Insurance, Life Insurance Law, Basics of Real Estate Planning, and Business Planning a > owners and professionals. Elective courses include: Financial Planning: Process and Environment, Individual Health Insurance, Income Taxation, Group Benefits, Planning for Retirement Needs, Investments, and Estate planning Association.
Writers who have completed any of these courses of study and received their degree are more likely to advance to a senior underwriter or director position.
Risk Management and Insurance Degrees are available for study at some Universities. The program prepares students to manage risk in organizational settings, provide appropriate insurance, and risk-aversion services in businesses, individuals, and other organizations. The instructions are in general disability, accident, property insurance, worker’s property, social and health insurance, writing, loss saving; risk theory and pension planning.
Some insurance companies will promote candidates to senior management positions who have completed a Master’s degree in any business related studies.
In 2002, Insurance underwriters earned an average salary of $45,590, and approximately 100,000 were employed. Insurance companies generally provide employee benefits: life insurance, health insurance, retirement plans, and commission. The company will pay for some car and transportation expenses, the cost of attending conventions and meetings.
