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Insurance Underwriters

Review individual applications for insurance to evaluate degree of risk involved and determine acceptance of applications.   (O'Net 13-2053.00)

 
Reported job titles:   Account Underwriter, Automobile and Property Underwriter, Bond Underwriter, Commercial Lines Underwriter, Commercial Underwriter, Customer Service Representative   (view all job titles)
 
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  • Wages
  • Employment Trends
  • Industries of Employment
  • Tasks
  • Knowledge
  • Skills
  • Abilities
  • Work Activities
  • Interests
  • Work Styles
  • License Information
  • Education & Training Requirements
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    Career Video
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    Wages
    for Insurance Underwriters
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     Location Pay
    Period
    2016
    Percentile Wages Average
    Wage
    10% 25% 50%
    Median
    75% 90%
     Vermont Hourly $ 18.88   $ 22.17   $ 27.86   $ 37.29   $ 52.59   $ 31.48  
    Yearly $39,280   $46,120   $57,940   $77,570   $109,390   $65,490  
     
     Burlington-South Burlington, VT Metropolitan NECTA Hourly $ 22.03   $ 25.23   $ 29.38   $ 36.26   $ 56.02   $ 33.31  
    Yearly $45,830   $52,480   $61,120   $75,430   $116,510   $69,290  
     
     Northern Vermont Balance of State Hourly $ 17.50   $ 21.08   $ 27.54   $ 38.96   $ 54.01   $ 31.61  
    Yearly $36,410   $43,850   $57,290   $81,040   $112,340   $65,760  
     
    What are Percentile Wages?
    source: Occupational Employment Statistics, Vermont Labor Market Information, U.S. Bureau of Labor Statistics, released April 2017.
     


    Employment Trends
    for Insurance Underwriters
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    Location Employment Annual % change
    (compounded)
    Annual job openings
    (due to growth and
    net replacements)
    2014 2024
    Vermont 181 156 -1.5% 3
    source: Employment Projections, Vermont Economic & Labor Market Information, in cooperation with U.S. Bureau of Labor Statistics, statewide estimates released July 2016.
     


    Industries of Employment
    for Insurance Underwriters
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    Industry Percent of Total
    2014
    Insurance carriers and related activities 89.1%
    Credit intermediation and related activities 3.8%
    Management of companies and enterprises 3.6%
    Securities, commodity contracts, and other financial investments and related activities 1.3%
    Administrative and support services 0.7%
    source: Employment Projections, U.S. Bureau of Labor Statistics, National Employment Matrix, released July 2016.
     


    Tasks
    for Insurance Underwriters
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  • Decrease value of policy when risk is substandard and specify applicable endorsements or apply rating to ensure safe profitable distribution of risks, using reference materials.
     
  • Decline excessive risks.
     
  • Write to field representatives, medical personnel, and others to obtain further information, quote rates, or explain company underwriting policies.
     
  • Review company records to determine amount of insurance in force on single risk or group of closely related risks.
     
  • Examine documents to determine degree of risk from such factors as applicant financial standing and value and condition of property.
     
  • Authorize reinsurance of policy when risk is high.
     
  • Evaluate possibility of losses due to catastrophe or excessive insurance.
     
    source: Occupational Information Network: Insurance Underwriters  updated June 2009
     


    Knowledge
    for Insurance Underwriters
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  • Customer and Personal Service - Knowledge of principles and processes for providing customer and personal services. This includes customer needs assessment, meeting quality standards for services, and evaluation of customer satisfaction.
     
  • English Language - Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
     
  • Medicine and Dentistry - Knowledge of the information and techniques needed to diagnose and treat human injuries, diseases, and deformities. This includes symptoms, treatment alternatives, drug properties and interactions, and preventive health-care measures.
     
  • Administration and Management - Knowledge of business and management principles involved in strategic planning, resource allocation, human resources modeling, leadership technique, production methods, and coordination of people and resources.
     
  • Clerical - Knowledge of administrative and clerical procedures and systems such as word processing, managing files and records, stenography and transcription, designing forms, and other office procedures and terminology.
     
  • Computers and Electronics - Knowledge of circuit boards, processors, chips, electronic equipment, and computer hardware and software, including applications and programming.
     
  • Economics and Accounting - Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.
     
  • Education and Training - Knowledge of principles and methods for curriculum and training design, teaching and instruction for individuals and groups, and the measurement of training effects.
     
  • Law and Government - Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
     
  • Mathematics - Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
     
    source: Occupational Information Network: Insurance Underwriters  updated June 2009
     


    Skills
    for Insurance Underwriters
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  • Active Listening - Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
     
  • Judgment and Decision Making - Considering the relative costs and benefits of potential actions to choose the most appropriate one.
     
  • Reading Comprehension - Understanding written sentences and paragraphs in work related documents.
     
  • Critical Thinking - Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
     
  • Speaking - Talking to others to convey information effectively.
     
  • Writing - Communicating effectively in writing as appropriate for the needs of the audience.
     
  • Complex Problem Solving - Identifying complex problems and reviewing related information to develop and evaluate options and implement solutions.
     
  • Time Management - Managing one's own time and the time of others.
     
  • Social Perceptiveness - Being aware of others' reactions and understanding why they react as they do.
     
  • Active Learning - Understanding the implications of new information for both current and future problem-solving and decision-making.
     
    source: Occupational Information Network: Insurance Underwriters  updated June 2010
     


    Abilities
    for Insurance Underwriters
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  • Written Comprehension - The ability to read and understand information and ideas presented in writing.
     
  • Oral Comprehension - The ability to listen to and understand information and ideas presented through spoken words and sentences.
     
  • Inductive Reasoning - The ability to combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events).
     
  • Oral Expression - The ability to communicate information and ideas in speaking so others will understand.
     
  • Written Expression - The ability to communicate information and ideas in writing so others will understand.
     
  • Deductive Reasoning - The ability to apply general rules to specific problems to produce answers that make sense.
     
  • Speech Clarity - The ability to speak clearly so others can understand you.
     
  • Near Vision - The ability to see details at close range (within a few feet of the observer).
     
  • Problem Sensitivity - The ability to tell when something is wrong or is likely to go wrong. It does not involve solving the problem, only recognizing there is a problem.
     
  • Speech Recognition - The ability to identify and understand the speech of another person.
     
    source: Occupational Information Network: Insurance Underwriters  updated June 2009
     


    Work Activities
    for Insurance Underwriters
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  • Getting Information - Observing, receiving, and otherwise obtaining information from all relevant sources.
     
  • Making Decisions and Solving Problems - Analyzing information and evaluating results to choose the best solution and solve problems.
     
  • Analyzing Data or Information - Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.
     
  • Processing Information - Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.
     
  • Documenting/Recording Information - Entering, transcribing, recording, storing, or maintaining information in written or electronic/magnetic form.
     
  • Evaluating Information to Determine Compliance with Standards - Using relevant information and individual judgment to determine whether events or processes comply with laws, regulations, or standards.
     
  • Updating and Using Relevant Knowledge - Keeping up-to-date technically and applying new knowledge to your job.
     
  • Establishing and Maintaining Interpersonal Relationships - Developing constructive and cooperative working relationships with others, and maintaining them over time.
     
  • Interacting With Computers - Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.
     
  • Communicating with Supervisors, Peers, or Subordinates - Providing information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person.
     
    source: Occupational Information Network: Insurance Underwriters  updated June 2009
     


    Interests
    for Insurance Underwriters
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  • Conventional - Conventional occupations frequently involve following set procedures and routines. These occupations can include working with data and details more than with ideas. Usually there is a clear line of authority to follow.
     
  • Enterprising - Enterprising occupations frequently involve starting up and carrying out projects. These occupations can involve leading people and making many decisions. Sometimes they require risk taking and often deal with business.
     
    source: Occupational Information Network: Insurance Underwriters  updated June 2008
     


    Work Styles
    for Insurance Underwriters
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  • Attention to Detail - Job requires being careful about detail and thorough in completing work tasks.
     
  • Integrity - Job requires being honest and ethical.
     
  • Dependability - Job requires being reliable, responsible, and dependable, and fulfilling obligations.
     
  • Analytical Thinking - Job requires analyzing information and using logic to address work-related issues and problems.
     
  • Self Control - Job requires maintaining composure, keeping emotions in check, controlling anger, and avoiding aggressive behavior, even in very difficult situations.
     
  • Cooperation - Job requires being pleasant with others on the job and displaying a good-natured, cooperative attitude.
     
  • Stress Tolerance - Job requires accepting criticism and dealing calmly and effectively with high stress situations.
     
  • Adaptability/Flexibility - Job requires being open to change (positive or negative) and to considerable variety in the workplace.
     
  • Achievement/Effort - Job requires establishing and maintaining personally challenging achievement goals and exerting effort toward mastering tasks.
     
  • Initiative - Job requires a willingness to take on responsibilities and challenges.
     
    source: Occupational Information Network: Insurance Underwriters  updated June 2009
     


    State of Vermont License Information
    that may be required for Insurance Underwriters
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    No state licenses listed for this occupation.
     


    Education and Training Requirements
    for Insurance Underwriters
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  • Job Zone Four: Considerable Preparation Needed
  •  
  • Education: Most of these occupations require a four-year bachelor's degree, but some do not.
  •  
  • Training: Employees in these occupations usually need several years of work-related experience, on-the-job training, and/or vocational training.
  •  
  • Experience: A considerable amount of work-related skill, knowledge, or experience is needed for these occupations. For example, an accountant must complete four years of college and work for several years in accounting to be considered qualified.
  •  
    source: Occupational Information Network: Insurance Underwriters  updated June 2009
     


    Schools
    offering instructional programs related to Insurance Underwriters
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      Related Instructional Programs
     
    • Actuarial Science.
     
    • Insurance.
     
     Search for schools offering these programs at
     
     
     
    source: National Center for Education Statistics 2000 Classification of Instructional Programs .
     


    Other Resources
    for Insurance Underwriters
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  • Labor Exchange Information
  • A source for occupational characteristics, such as age, gender, race, and years of education and an alternative source for occupational wage rates. Limited to people looking for jobs and the jobs advertised through VDOL Vermont Job Link.
  • Look for statewide information over the latest 12 months for Insurance Underwriters.
  •  
  • Occupational Outlook Handbook
  • The Occupational Outlook Handbook is a nationally recognized source of career information, designed to provide valuable assistance to individuals making decisions about their future work lives. Revised every two years, the Handbook describes what workers do on the job, working conditions, the training and education needed, earnings, and expected job prospects in a wide range of occupations.
    Go to Occupational Outlook Handbook
    Handbook occupations related to Insurance Underwriters :
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    Related Occupations
    Occupations with skill requirements similar to Insurance Underwriters
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  • Accountants
  •  
  • Auditors
  •  
  • Budget Analysts
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  • Claims Examiners, Property and Casualty Insurance
  •  
  • Compensation, Benefits, and Job Analysis Specialists
  •  
  • Cost Estimators
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  • Credit Analysts
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  • Insurance Adjusters, Examiners, and Investigators
  •  
  • Personal Financial Advisors
  •  
    source: Occupational Information Network: Insurance Underwriters 
     

     
     
     
    Vermont.gov State of Vermont Department of Labor