Insurance Career Job Overviews and Profiles

Insurance Career Job Overviews and ProfilesInsurance Career Job Overviews and ProfilesInsurance companies have two principal functions underwriting and investment. Underwriting involves the measurement and calculation of risk. The premiums charged by an insurer reflect this risk. Theyre appropriate and commensurate with the degree of likelihood that the insurance company will have to pay a claim if it writes a given policy. The investment function is equally important. A well-run insurance company will have, at least in the long run, a surplus of income from premiums over actual payouts of claims. This surplus must be properly and equitably invested, so insurance companies have substantial staffs dedicated to earning good returns on this money. The Three Categories of Insurance Companies Insurance companies fall into three major categories. Life insurers promise payment at the time of the insured persons death and they can do much more. Property and casualty insurers write polici es that protect individuals and businesses against a variety of risks such asauto accidents, fire, storm damage,wind damage, injuries, and theft. Health insurerswrite policies that deckblatt medical expenses. Some insurance companies engage in multiple types of policies. Career Paths in Insurance The insurance industry employs a large number of people over a range of positions. This is hardly an exhaustive list but it includes some of the more significant and better-paying lines of employment in this industry. As in any industry, theres always an underlying support staff, andjob titles and responsibilities can vary somewhat from employer to employer. Actuary Anactuaryholds an important technical job. Shestrained in statistical analysis and the scientific determination of insurance policy terms and premiums. Its the actuarys job to measure and calculate risk factors so that premiums can be charged accordingly.Insurance appraiser This position involves evaluating claims that come into an insurance company from the angle of assessing the value of damaged property. He gauges the likely cost of repairing or replacing the property. This helps to determine whether the insurance company will pay the claim and, if so, how much the company will pay. Claims Adjuster This role is similar to that of an appraiser. Some insurance companies employ both while others might rely on one or the other. An adjuster typically has broader duties, however, including research such as interviewing witnesses and analyzing police reports.Claims Examiner This position also entails much of the same responsibilities and duties as an adjuster or an appraiser. Its something like an appraiser and an adjuster rolled into one position.Insurance investigator An investigator is charged with preventing and containing incidences of insurance fraud. This position is fruchtwein commonly available with companies that insure against bodily injury, property damage, and liability. Sales Agent An agent m ight work for either the insurance company itself or for an independent insurance broker. Its her job to sell the companys policies to consumers.Underwriter Underwriters evaluate the risk an insurance company is likely to take onwhen it issues a policy and recommend appropriate premiums. Money managersand securities researchprofessionals These employees oversee the investment side of the business, ensuring that premiums paid to the company are invested and maintained to the companys best advantage.