by CourseAdvisor
Insurance companies sell policies that protect individuals and businesses from financial loss resulting from car accidents, theft, fire and storm damage, medical expenses, disability, or death.
The primary insurance industry careers are insurance carriers and insurance agencies. Direct insurance carriers design and price annuities and insurance policies. They underwrite, or assume the risk associated with, new policies. To reduce their financial risk, these companies often sell a portion of their existing policies to re-insurers, another type of insurance carrier. Insurance agencies and brokerage firms sell insurance policies. Some agencies are associated with a single carrier, while others are independent and sell policies for several carriers.
Insurance industry professionals who influence the bottom line in the insurance business are:
Actuary
Job Responsibilities:
- Design and prices insurance policies, pension plans, and other financial products
- Determine probability of occurrence of death, illness, disability, or property loss
- Audits the financial and other operations of the company
Recommended Qualifications:
- Bachelor's degree in mathematics, actuarial science, statistics, or other business-related area
- Must pass exams sponsored by the Society of Actuaries (SOA) or the Casualty Actuary Society (CAS)
Median 2004 Earnings: $76,000
Claims Adjuster, Examiner, or Investigator
Job Responsibilities:
- Investigates insurance claims
- Negotiates settlements
- Authorizes payments
- Assesses value of insured items
- Investigates fraud and liability
Recommended Qualifications:
- College degree preferred
- Some states require licenses
Median 2004 Earnings: $44,000
Insurance Sales Agent
Job Responsibilities:
- Manages a branch office or a specific business function such as trusts, mortgages, or investments
- Accepts or rejects insurance policy applications
Recommended Qualifications:
- Bachelor's degree in business or economics preferred
- State license required
Median 2004 Earnings: $42,000
Insurance Underwriter
Job Responsibilities:
- Determine insurance premiums by analyzing the carrier's risk
- Accepts or rejects insurance policy applications
Recommended Qualifications:
- Bachelor's degree in business administration or finance with accounting courses or experience
- Variety of professional designations and exams
Median 2004 Earnings: $49,000
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Source: Occupational Outlook Handbook, 2006-2007 Edition; Bureau of Labor Statistics, U.S. Department of Labor.
