Fresh Profile: Insurance Jobs

Published on 2008-04-16

Insurance is one of the oldest and stablest industries in the world. The first American insurance company was formed in 1732, but insurance has existed in some form for over 4,000 years. Organized and analytical people who are attentive to detail and have strong mathematical and financial skills are well-suited to insurance careers.

Insurance is essentially the transference of risk from one party to another by means of a contract or insurance policy. The insured party is indemnified against a particular type of contingent loss in exchange for ongoing payment of a premium to the insurer. It's a basic type of transaction in the abstract, but one that requires extensive research on the part of the insurer into the statistics of probability, a mathematical discipline known as actuarial science.

There are many different types of insurance available to individuals and commercial and financial entities, including health, disability, life and property insurance. Likewise, each branch of the industry requires many types of insurance jobs in order to assess risk, sell policies, and investigate, settle and process claims.

The following are some of the most common jobs in insurance and their typical training and education requirements:

Underwriters

Insurance underwriters evaluate the risk exposure posed by potential clients. Their calculations determine whether or not an applicant should be ensured, and if so, what the coverage limits and premium should be for that client. Underwriters usually possess a four-year degree and professional certification (RHU, REBC, CPCU).

Actuaries

Actuaries assemble statistical data in order to calculate the probability that an event such as death, sickness, injury or property loss will affect a client or potential client. This information is used to accept or reject applicants and set insurance and premium limits. In addition to possessing a degree in statistics, mathematics, actuarial science or a business or financial subject, actuaries must pass a series of national examinations.

Agents

Insurance agents meet with potential clients and help them to determine which type of coverage is most appropriate. They may also offer financial planning services and retirement counseling. Because agents are employed in insurance sales jobs, their pay is usually based on commission. Agents must be licensed by their state to sell insurance. A college degree is often but not always a requirement of the job.

Brokers

Brokers are similar to agents. However, brokers work independently and sell policies through many insurance agencies whereas agents work for only one company. As with agents, insurance broker jobs require licensing and, in most cases, a college degree.

Adjusters

Insurance adjuster jobs involve the assessment of damage to an insured individual or item of property when a claim has been filed with the insurer. Adjusters also manage related paperwork and communicate with policy holders. Though insurance adjusting is not a degree program, adjusters often possess a four-year degree. State licensing of some kind is required of all adjusters.

Whether you're looking for California, New York or Ohio insurance jobs, make Fresho.com your first stop. Only Fresho has the search tools you need for a fast, free and effective job search. Visit your state's Insurance section to find career opportunities in your area.