Commercial Underwriter
The job of a commercial underwriter in an insurance business is indispensable. In the business of insurance, an insurance company does not impetuously accept the applications of different individuals or companies for insurance coverage. The standard procedure for a company is to first examine and study the circumstances of the insurance applicant. After this, the insurance company determines the amount of the premium based on the amount of the insurance coverage in relation to the risk and property or individual involved. These processes are usually done by an insurance underwriter.
There may be different levels of commercial underwriter, where each writer is responsible for each step in the processing of an insurance application. Basically, a commercial underwriter is in charge of processing the application of individuals and corporations for an insurance policy. This task usually involves the examination and investigation of the facts and circumstances stated by an insurance applicant that are material to the approval or rejection of an insurance application. An underwriter also recommends the rejection or approval of an insurance application based on the findings that he or she may have found while doing the required investigation. Another duty of an underwriter is to make sure that the requirements submitted by an applicant are in accordance with the requirements set by the company.
The position of commercial underwriter may require at least a bachelor’s degree. Two to five years work experience that is related to the job applied for may also be required. An underwriter usually reports to a supervisor or a manager. The average annual salary in this position is $54,000.
