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Job description
Responsible for deciding if requests for insurance cover should be accepted by assessing,
identifying and calculating the risk of loss for policyholders and the company. This is achieved
by defining the terms and conditions of the cover, in line with establishing appropriate premium
rates that should be paid in order to achieve the company's underwriting and profit objectives,
and writing policies that cover these risks.
Insurance is divided into two main sectors - general and life.
General: this covers personal, commercial and re-insurancce.
Life: this deals with pensions and life policies.
Insurance underwriters specialise in one type of insurance such
as auto, life or home.
Typical work activities
Insurance underwriters
are divided into two main sectors -
general and life - and the day-to-day activities of an insurance underwriter may vary slightly
depending on the type of insurance coverage offered by the company. General insurance covers personal
(auto, home etc), commercial (covers for businesses/organisations against damage to premises,
injury to people at work etc) and re-insurancce (an insurance company insures a group of risks
with other insurance companies). Life insurance deals with pensions and life policies. Most
underwriters specialise in one type of insurance such as auto, life or home. In some cases,
underwriters may deal with less standardised risks, such as those associated with commercial
properties, others may work more closely in conjunction with brokers and/or be involved in visiting
customers and preparing quotes. Below is a list of day-to-day activities carried out by most
insurance underwriters:
assessing and gathering background information;
studying various insurance proposals;calculating possible risk;
calculating what individuals or organisations should pay for insurance;
computing appropriate premiums using actuarial information & statistics;
deciding clients' suitability for insurance cover;examining legal implications;
liaising with specialists, such as surveyors or doctors, for risk assessment;
gathering information and various types of reports from specialists;
negotiating policyholders' contract terms; writing and preparing policies;
specifying conditions to be imposed on different policies;
appraising and monitoring insurance developments;
meeting with clients;
negotiating with brokers and drawing up contracts;
attending management meetings and staff development programmes;
correlating and presenting weekly or monthly data to management.
The degree to which an
insurance underwriter performs these
work activities may also vary depending on the location and size of the company.
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