Insurance Underwriters
What would happen if a fire broke out in your house and destroyed the furniture inside? Would your family have to move in with relatives or friends until the damage was repaired? Or would your parents think about buying a new house instead? But what would happen if your family didn't have enough money to do either of those things? Did you know there are companies called "insurance companies" that can cover the cost of restoring your house to how it was before the accident - though that comes with certain conditions? The way insurance companies work is that they offer to cover the cost of losses people might suffer in the future, like a house fire, a car crash, or damage to other property, in exchange for customers paying a monthly premium set out in the contract between them. These companies turn a profit even though many customers never end up filing a claim. Insurance companies hire specialists called "insurance agents," whose job is to meet with customers and negotiate these services with them.
Meet the Writer: Waleed Abo Omiraa
What You'll Actually Do
The core tasks and responsibilities that fill a typical day.
- Decline excessive risks.
- Write to field representatives, medical personnel, or others to obtain further information, quote rates, or explain company underwriting policies.
- Evaluate possibility of losses due to catastrophe or excessive insurance.
- 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.
- Review company records to determine amount of insurance in force on single risk or group of closely related risks.
- Authorize reinsurance of policy when risk is high.
- Examine documents to determine degree of risk from factors such as applicant health, financial standing and value, and condition of property.