Why underwriting

Underwriters review insurance applications from customers where necessary to decide if that customer is a good match for the insurance company. Get a personalized online home insurance quote in just 5 minutes and see how much money you can save by switching to Square One. Get an online quote now. Even when you take precautions, accidents can happen. Home insurance is one way to protect your family against financial losses from accidents.

Underwriting Reviewed by Stefan Tirschler. Topics What is underwriting? What does an underwriter do? The important points. What is underwriting? Each new insurance policy an insurer sells represents a new risk. To analyze risks and help the insurance company stay profitable, underwriters have several jobs.

However, there are a few common factors that almost any home insurance underwriter will feature in their guidelines: Age, location, and construction of the insured home. All state projections data are available at www. Information on this site allows projected employment growth for an occupation to be compared among states or to be compared within one state. CareerOneStop includes hundreds of occupational profiles with data available by state and metro area.

There are links in the left-hand side menu to compare occupational employment by state and occupational wages by local area or metro area. There is also a salary info tool to search for wages by zip code. This table shows a list of occupations with job duties that are similar to those of insurance underwriters.

Actuaries use mathematics, statistics, and financial theory to analyze the financial costs of risk and uncertainty. Cost estimators collect and analyze data in order to estimate the time, money, materials, and labor required to make a product or provide a service. Insurance Information Institute. The Institutes. The American College of Financial Services. National Association of Insurance and Financial Advisors.

Insurance Underwriters. Bureau of Labor Statistics, U. Last Modified Date: Wednesday, September 8, The What They Do tab describes the typical duties and responsibilities of workers in the occupation, including what tools and equipment they use and how closely they are supervised.

This tab also covers different types of occupational specialties. The Work Environment tab includes the number of jobs held in the occupation and describes the workplace, the level of physical activity expected, and typical hours worked. It may also discuss the major industries that employed the occupation. This tab may also describe opportunities for part-time work, the amount and type of travel required, any safety equipment that is used, and the risk of injury that workers may face.

The How to Become One tab describes how to prepare for a job in the occupation. This tab can include information on education, training, work experience, licensing and certification, and important qualities that are required or helpful for entering or working in the occupation.

The Pay tab describes typical earnings and how workers in the occupation are compensated—annual salaries, hourly wages, commissions, tips, or bonuses. Within every occupation, earnings vary by experience, responsibility, performance, tenure, and geographic area. For most profiles, this tab has a table with wages in the major industries employing the occupation. The Job Outlook tab describes the factors that affect employment growth or decline in the occupation, and in some instances, describes the relationship between the number of job seekers and the number of job openings.

The Similar Occupations tab describes occupations that share similar duties, skills, interests, education, or training with the occupation covered in the profile. The More Information tab provides the Internet addresses of associations, government agencies, unions, and other organizations that can provide additional information on the occupation. The wage at which half of the workers in the occupation earned more than that amount and half earned less. Additional training needed postemployment to attain competency in the skills needed in this occupation.

Work experience that is commonly considered necessary by employers, or is a commonly accepted substitute for more formal types of training or education. The employment, or size, of this occupation in , which is the base year of the employment projections. Bureau of Labor Statistics. Career Advice. Your Privacy Rights. To change or withdraw your consent choices for Investopedia. At any time, you can update your settings through the "EU Privacy" link at the bottom of any page.

These choices will be signaled globally to our partners and will not affect browsing data. We and our partners process data to: Actively scan device characteristics for identification. I Accept Show Purposes. Your Money. Personal Finance. Your Practice. Popular Courses. Careers Career Advice. Table of Contents Expand. An Insurance Underwriter's Work. Job Opportunities. The Tools Of The Trade. Certifications for Underwriters. Show Me The Money. In Conclusion.

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