Concept explainers
If you are interested in pursuing a career in risk management, here are a few to consider. Find out about the tasks performed,
skills needed, pay, and opportunity outlook in these fields in the Occupational Outlook Handbook (OOH) at www.bls.gov.
- Insurance underwriter-decides whether to provide insurance and determines coverage amounts and premiums.
To discuss: The task performed, skills needed, pay, and opportunity outlook of the insurance underwriter.
Introduction: The individual responsible to estimate the insurance coverage and amount of premium to be paid are the insurance underwriters.
Answer to Problem 1CE
Explanation of Solution
- Task performed: The insurance underwriter has to take care about the background of the client before giving insurance cover policy, maintain appropriate coverage as per the premium, govern with the governmental regulations and also decide to give insurance or not.
- Skills needed: Both education and training of the underwriters is required. Several skills such as goods skills to listen to the problems of others, problem solving kills, leadership quality and even interpersonal skills to interact and decision making quality is required to become an insurance underwriter.
- Pay: An insurance underwriter is given a sum of $69,760 annually.
- Opportunity outlook in this career: The job as well as the opportunity outlook states that the insurance underwriters tend to face competition in the market and these trained employees have huge opportunities to grow at the average rate of 5% from the year 2016 to 2026.
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