Qualifications for Becoming an Insurance Underwriter
An Insurance Underwriter career requires having an extensive education. Each State has regulation or State Insurance Commission, that license underwrites, after completing required course studies, examinations, and continuing education. There is no Federal Regulatory System regarding any standard of education. Underwriters must have good judgment skills, good communication, interpersonal skills, and being able to work well with other agents, and insurance professionals. Specialized fields in underwriting insurance include: Health, life, property and liability (automobile, fire, and worker’s compensation).
Continuing education is essential, and often is required to maintain a current license or degree.
Insurance Underwriter profession requires having a Bachelor Degree in Business Administration, finance or math. Required basic course studies in accounting, law, and computer knowledge. Upon completion, graduates would work as underwriter trainee or assistant underwriter. Responsibilities would include studying claims files, and become familiar with factors associated to certain types of losses. Many insurance companies offer Work Study Programs that teach, for several months or years. Insurance companies may pay for the tuition underwriting courses, their trainees successfully complete.
Underwriter and Master Degrees
The Insurance Institute of America offers courses, as introduction to underwriting, which takes one to two years. Recognized upon completion: The degree Associate in Commercial Underwriter (AU) or Associate Personal Insurance (API). Either degree requires completing course studies, and examinations. Advance study in underwriting, offered by Insurance Institute of America, and upon completion receiving a Charter Property and Casualty Underwriter Degree (CPCU). The requirements for completion are four years course studies and eight examinations. These courses include: Risk management, insurance operations and regulations, business and insurance law, financial management, and financial institutions. Also, require three courses in personal or commercial insurance coverage.
The American College offers Degrees in Charter Life Underwriter (CLU) and Registered Health Underwriter (RHU). Charter Life Underwriter applicants have to complete five required courses, and choose three out of five elective courses. Required courses include: Fundamentals of Insurance, Individual Life Insurance, Life, Insurance Law, Fundamentals of Estate Planning, and Planning for Business Owners and Professionals. The elective courses include: Financial Planning: Process and Environment, Individual Health Insurance, Income Taxation, Group Benefits, Planning for Retirement Needs, Investments, and Estate Planning Association.
Underwriters that have completed any of these course studies, and received their degree, are more likely to advance to a senior underwriter or managerial position.
Risk Management and Insurance Degrees are available course studies in some Universities. The program prepares students to manage risk in organizational settings, provide adequate insurance, and risk – aversion services to business, individuals, and other organizations. Including instructions in general liability, casualty, property insurance, employee benefits, social and health insurance, underwriting, loss adjustments, risk theory and pension planning.
Some insurance companies will promote applicants to senior management positions that have completed a Master’s Degree in any related Business studies.
In 2002, Insurance Underwriters earned an average salary $45,590, and approximately 102,000 were employed. Insurance companies usually offer employee benefits: Life insurance, health insurance, retirement plans, and commission. Some companies will pay for automobile and transportation expenses, costs attributed to attending conventions, and meetings.
