DETAILED OCCUPATION DATA
13-2053 Insurance Underwriters
Occupational Description:
Review individual applications for insurance to evaluate degree of risk involved and determine acceptance of applications.| Percentiles | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Geography | Employment | Emp SE* | Mean | Mean SE* | 10th | 25th | Median | 75th | 90th |
| Fargo ND-MN MSA | N/A | N/A | $42.53/hr | $5.32/hr | $22.04/hr | $28.51/hr | $37.61/hr | $59.26/hr | $71.04/hr |
| Minnesota | 1,750 | 233 | $39.12/hr | $1.37/hr | $24.82/hr | $28.43/hr | $35.09/hr | $46.08/hr | $67.13/hr |
| U S | 100,050 | 2,301 | $37.68/hr | $0.30/hr | $20.56/hr | $25.96/hr | $33.99/hr | $45.81/hr | $60.33/hr |
| *SE = Standard error, a measure of the statistical reliability of the estimate. | |||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Occupation (click title for details) | OES | Projections | |
|---|---|---|---|
| Employment | Median Wage | % Change - | |
| Claims Adjusters, Examiners, and Investigators | 420 | $26.34/hr | N/A |
| Insurance Claims and Policy Processing Clerks | 390 | $18.99/hr | N/A |
| Cost Estimators | 350 | $31.06/hr | N/A |
| Credit Analysts | 90 | $30.76/hr | N/A |
| Procurement Clerks | 60 | $20.43/hr | N/A |
| Tax Preparers | 50 | $27.34/hr | N/A |
| Actuaries | N/A | N/A | N/A |
Tasks for Insurance Underwriters
- Examines documents to determine degree of risk from such factors as applicant financial standing and value and condition of property.
- Writes to field representatives, medical personnel, and others to obtain further information, quote rates, or explain company underwriting policies.
- Declines excessive risks.
- Authorizes reinsurance of policy when risk is high.
- Reviews company records to determine amount of insurance in force on single risk or group of closely related risks.
- Decreases value of policy when risk is substandard and specifies applicable endorsements or applies rating to ensure safe profitable distribution of risks, using reference materials.
- Evaluates possibility of losses due to catastrophe or excessive insurance.
