A career as an insurance underwriter involves reviewing the individual or business’s level of risk, reviewing various insurance policies and coverage amounts to determine if the policyholder has the appropriate amount of insurance coverage, or perhaps whether the person can even be insured with the company at all. Sometimes individuals or businesses are simply too “risky” to insure and must be turned down, and it is partly up to the insurance underwriter to make those decisions regarding risk by analyzing the individual or business and the item or situation they’re looking to insure.

People with backgrounds in engineering, economics, math and/or physics often find insurance underwriting jobs to be a good match for their knowledge and personalities, although somewhat surprising! The reason for this is because an insurance underwriter must be detail oriented and analytical. People who enjoy putting pieces together to finish a puzzle often enjoy the tasks of an underwriting job.

Job Requirements for Insurance Underwriters

Not everyone meets the requirements for becoming an insurance underwriter. Previously, having a college degree would often be all a person needed to become an underwriter – now, managers look for college graduates who had studied quantitative studies and a number of mathematical courses. If you want to be an insurance underwriter, you must have a good personality for dealing with other people as you will often have to deliver bad news.

It’s also necessary for an insurance underwriter to have a solid understanding of insurance in general, the insurance offered at the company they work with, and how claims are submitted. Underwriters are the “go-to” person in the insurance industry, with everyone from customer service representatives to insurance agents and claims adjusters contacting them for information. Even insurance policyholders will contact the underwriters with questions and concerns. If you’re looking for a career as an underwriter, you’ll have to be dedicated to learning the ins and outs of the industry.

Insurance Underwriting Job Salaries

A new insurance underwriter might expect to earn between $35,000 and $40,000, while a more experienced underwriter with knowledge in multiple types of insurance might expect to earn between $60,000 and $70,000 per year. The industry outlook for insurance underwriters is good, as there is always a need for insurance. There is great opportunity for career advancement and lifelong learning – but you may need to be willing to transfer from one insurance company to another throughout the course of your career to continue moving up the ladder.

Business owners have a lot of things on their plate to keep their business growing. Property, liability, workers comprehension and other forms of insurance are needed which can get costly and confusing if you try to navigate the sometimes murky waters of business insurance on your own. It helps to have a trusted insurance broker who can assist in making the right choices and act as a middle man when purchasing and maintaining important insurance policies for your business.

Insurance agent or broker?

There are differences between agents and brokers. The main thing that separates the two are the fact that agents work for a specific insurance company while a broker generally works independently with no specific insurance company that they are required to do business with. The difference gets harder to determine when people act as both an agent and a broker which can occur based on your needs and the insurance companies that are involved.

There are pros and cons of working with either an independent broker or an insurance agent. An independent broker may not have the same access to certain information as an insurance agent however in most cases the broker is working to find you the most competitive rate. That being said an insurance agent will only be able to offer information about the specific company that he/she represents but will have total access and possibly better information about the insurance company and policies, including pricing information.

Agent experience is important.

When it comes to selecting an insurance agent or broker- experience and expertise is important. While it is possible for a laymen to get a solid understanding of insurance policies, having an experienced representative working for you should make decisions much easier. Insurance requirements and policy information can quickly get confusing. The goal is to make sure you are adequately covered without paying too much money. When selecting an agent or broker make sure they have the knowledge to act on your behalf.

Making the decision.

If a candidate is interested in providing agent or broker services for your company they should be willing to make a presentation explaining their services and qualifications. You should be looking for the following:

• Compatibility of the business

• Level of commitment

• How the agent or broker will solve your insurance problems

• Why they are the right person for you and your company (why are they better than the competition?)

You may want to establish a review period when working with a new agent or broker to ensure the relationship is working out as anticipated.

Insurance, whether for a car or your home, is already an expensive monthly cost so it makes sense that you want to do whatever it takes to keep your rates as low as possible. While no one wants to ever have to use their insurance, the purpose of having insurance is to protect you in the event something does happen. However, did you know that certain things that do happen accidentally can cause your insurance rates to go up considerably or even limit your insurance coverage down the road?

There are certain claims against insurance that can indeed raise your premium rates and it is important to understand what some common claims can do to your present and future rates of insurance.

Water Leaks/Mold Issues

If you have a history of filing claims on your insurance for incidents of water damage caused by leaks from plumbing problems and such, you may find it difficult to later sell your home. Potential new buyers’ insurance companies can pull reports that show the history of insurance claims on a piece of property. If there is a repeated report of water damage, insurance companies may not be very inclined to provide coverage on the new home, typically because of the concerns of mold. If a new buyer can not get coverage on the home, it is likely you will find it difficult to sell. Instead of filing a claim for minor damages and problems, learn how to do it yourself and leave your insurance out of it.

Injury from Falls

In the event that a person would trip, slip, or fall down on your property due to a hazardous condition, such as a cracked sidewalk or a hole and the like, they may file a claim against your homeowner’s insurance. Such claims can make your insurance rates rise. For this scenario, it is better to be preventative. Make sure you maintain your property and keep it safe from hazardous areas to prevent people from getting injured. 

Pet Problems

If you have a pet, particularly a dog, you may be surprised to learn that dog bites are the biggest source of homeowner’s insurance policy claims. This has lead to many insurance companies listing breeds of dogs that have been considered mostly likely to attack. If you are an owner of such a dog, considered dangerous by your insurance company, you may be facing higher insurance rates or even a refusal of insurance. If you have a dog on the list, you may be able to work with your insurance company by striking a deal. For example, some insurance providers will provide insurance as long as the dog participates and passes an obedience course.

Check with your insurance company about other areas that may raise your monthly payments and be proactive in making sure you are doing what you can to keep your insurance rates at their lowest.

There are a variety of insurance policies that are considered good investments of your money, and many that you absolutely shouldn’t go without, including automobile insurance if you drive a car, life insurance if you have dependents, and health insurance.  On the other hand, there are a number of different insurance policies that pop up that could actually be more a waste of money than anything else!

Mortgage Life Insurance:  A mortgage life insurance policy is a plan that will pay for your mortgage in the event that you become permanently and completely disabled or you die.  If you’re married, this policy seems like a terrific idea because if you should die before your spouse, you know the spouse will not have to pay for the mortgage on his or her own.

If you have a life insurance policy already, either a separate policy you have purchased or one offered through your place of employment, chances are the mortgage would already be covered.  A standard life insurance policy gives your beneficiary the money that can be used for whatever they need to use it for – including the mortgage.    It really doesn’t make much sense to purchase a policy specific for your mortgage if you already have one that would cover it.  It makes more sense to pay for a general life insurance policy that your beneficiary could use to pay for whatever he or she chose, rather than have to use it only for the mortgage payment.

Cancer Insurance: With the number of people who are diagnosed with some form of cancer each year, it may sound like a good idea to invest in an insurance policy to cover medical expenses related to cancer.  Maybe not!  Cancer insurance doesn’t cover skin cancer, which is the leading type of cancer, and most policies won’t cover any outpatient expenses that a cancer patient undergoes during their treatment.

In addition to what cancer insurance doesn’t actually cover, the fact is – if you have health insurance, it will almost always cover medical expenses (both inpatient and outpatient) related to cancer patient care.

If you’re concerned about cancer coverage, check with your primary health care insurance first to see if they would cover cancer related expenses.  If not, then you may want to consider a cancer insurance policy (or looking into a better health care insurance, if possible!)  Otherwise, paying for a policy that is specific to one type of illness or disease is typically not a good use of insurance premiums.
Flight Insurance: Whenever you purchase airplane tickets, you’ll be asked if you would like to purchase additional travel and/or flight insurance designed to pay your beneficiary in the event your plane doesn’t arrive safely to it’s destination.  Check with the credit card you used to book your flight first – chances are it includes complimentary travel insurance.  Also check with your life insurance policy – most cover you even if something happens when you are traveling or flying and will pay your beneficiary based on the policy amount.

With the majority of credit card companies raising their rates for card holder’s, you could very well find yourself paying more interest on your card balances than you had originally planned on. The good news is you don’t have to take a higher interest rate as the answer!

In fact, as long as you have decent credit, there is no reason why you should accept an interest rate hike from your credit card company. With the economy the way it is, credit cardholders have been reporting that even though they’ve never made a late payment on their cards their interest rates have been increased or their credit limits lowered. If you receive a notice that your rate has been increased, you should take a moment to call them up and request a lower interest rate. If they say there is nothing they can do, you can thank them for their time and let them know you will be transferring the balance to another credit card with a lower rate.

Chances are, they may come up with something they can do for you once they hear those words! If so, you can decide whether the lower rate from the balance transfer offers are satisfactory to you, or if you want to shop around for lower rates.

When looking for credit cards to transfer your higher interest balances to, you want to keep in mind a few things to ensure you get the best deal, including:

• Make sure the new credit card has a lower annual fee than the one you are looking to replace (preferably pick a credit card without an annual fee)
• Read the terms of the balance transfer offer carefully: how long is the interest rate good for? What will the balance transfer rate change to once that preliminary period is over?
• Find out whether there are balance transfer fees, and how much they are. Sometimes, a card will offer a low interest rate on all balances transferred, but then turn around and charge you 1-3% as a balance transfer fee. You’ll have to play around with the numbers to see if you’re really going to save money over the life of the balance after paying the fee to transfer it.

The best balance transfer offers give you a low fixed interest rate for the life of the transferred balance. That means the rate doesn’t change for however long it takes you to pay off that balance, provided you make your payments on time. If you can’t qualify for that type of balance transfer offer, you should look for offers that give you 0% interest for 12 months, and focus on getting that old debt paid off within that year. If you are able to increase your payments enough to pay off the balance within the 12 month introductory period, you’ll pay back just what you owe and nothing in interest!

At the very least, you could consider balance transfer offers of 6 months interest-free; and if you still have a balance at the end of that term, see about moving the balance to a new credit card with a 0% balance transfer offer; or requesting a better rate from your existing credit card company.

It can be quite difficult to find a health plan that includes a lot of coverage for the least amount of expense. Being able to determine what you need most and when isn’t always easy but here is a good breakdown of different stages of life and what insurance services you need to have covered.

Single/No Dependents
If you are in good health, you most likely will get what you need from an HMO, or the least expensive insurance package. Try and stay within the network service providers when seeking treatments such as with your PCP (primary care physician). In the event you need to see a specialist, your PCP can refer you. If you are able to easily stay with your insurance network of providers because all of the doctors you see are listed as part of the network, you should consider choosing a plan that carries a higher deductible for physicians out of the network so you can pay even less in premiums.

Marry/No Dependents
If married couples both are offered insurance plans from their employer, it is important that both plans are reviewed and compared throughly. By choosing which plan has the best coverage for both individuals, you will save money rather than keeping up two separate plans. Some companies will even offer a cash opt-out for those employees who choose not to take coverage from their employer. On the other hand, some companies will hit you with a charge simply for adding your married partner who has alternate insurance options onto your policy.

Married/With Dependents
Married couples with children may choose to have both parents stick with their own employer’s plan and add the kids to one parent’s plan under the employee and family option. Or they can opt to cover the entire family under one plan. It depends on how many members there are in your family to determine whether or not you want to choose an HMO or a PPO. If you have kids away at school who are still covered under your plan, it may be in your best interest to have a low-deductible PPO plan since it is likely that most of the kids providers will be out of the network. The PPO option is also a good choice for families who have special needs children.

Aging Parents/Kids Gone
Once the kids move out of the house and are taking care of their own insurance needs, the parents the left behind will want to find an affordable plan that covers prescription costs and the costs for seeing specialists. Plans that have the lowest prescription co-pays without caps on spending will be the best to consider. When looking over coverage options, remember that finding the lowest premium may not be what you are looking for. A higher premium policy may even out the costs coming out of your pocket. You may also appreciate the ability to see specialists without having to go through your PCP for a referral each time.

Sure it takes time to weed through the plan options for health insurance coverage but the time you invest in choosing the right plan for you will save you hard earned money.

Summer is coming to an end and the heating season, at least here on the East Coast, is not far off.  Along with the need to warm houses and the high costs of heating fuel, there may be a lot more people using alternatives, such as plug-in heaters and kerosene heaters to stay warm. With desperate times call for desperate measures, it is incredibly important for families to brush up on their fire safety tips in order to prevent the devastating loss of property and the invaluable loss of life.

Here are a few reminders of fire safety to keep the upcoming months safe for everyone.

1. Have a Plan – Regardless of how safety conscious you are, things can happen. Perhaps the neighbor’s house catches fire and you are trapped. You can not predict what will happen. It is essential not only to have a plan of escape but to also ensure your entire family understands what it is and how it works. Practice fire drills with every member of the household on a regular basis.

2. Install/Upgrade Smoke Detectors – Many families have smoke detectors installed in their homes. It’s always been a rule of thumb to change batteries during the time changes that occur during daylight savings timelines. However, just because the batteries are new doesn’t mean the contraption works. Perform a monthly test on all of the smoke detectors throughout the home and make sure you have an adequate amount of work detectors in your home.

           Recommendations for Smoke Detector Placement

• Outside each bedroom door, especially in a home with a large upstairs. In the event of a fire, all occupants of the home who are sleeping should be  able to hear the alarm loud and clear.
• At least one alarm on every level of the home, including the basement and  the attic. Again, placement and amount should depend on how well people  can hear the warning.
• For extra protection, install a carbon monoxide detector in the home as well.

3. Install/Upgrade Fire Extinguisher – Fire extinguishers do not last forever. They need to be inspected regularly and recharged if needed by a professional service. Extinguishers should be kept in an area where they are easily accessible and in areas, like the kitchen where it may be needed most often.

4. Check Electrical Systems – Fires around the holiday season are often sparked by overloaded outlets. If you use extension cords or outlet strips, it will be worth the investment to have a professional install new outlets to accommodate your needs. Do not run any cords under the carpeting. If a fuse is prone to blowing out, getting it checked out by an electrician.

5. Careful Smoking – If you must smoke, do it outside and make sure your cigarette is out completely before leaving it. Keep trash out of ashtrays. Never leave a burning cigarette unattended. Keep your lighters and your matches away from children of any age.

6. Candles – Candles are an increasingly popular way to create a pleasant atmosphere in your home. However, a candle left unattended can cause a lot of problems, especially with children in the home. Candles that are burning should be kept out of the way of children and high traffic areas in the home where they can be knocked over onto the floor.

7. Maintain Proper Insurance – In the event something does happen to cause a fire, having the proper insurance and paying the premium on time is important if you expect to fall back on the insurance in the event of an emergency.

Most people are familiar with the cute little duck that loudly quacks “Aflac” on television commercials. While the company’s mascot is easily recognizable, many people remain in the dark as to what supplemental health insurance plans cover.

What are supplemental health insurance plans?

As the name implies this form of insurance provides supplemental or “extra” coverage; designed to fill the gaps and holes left by deductibles and co-pays in standard health insurance policies. Specific plans may cover additional items such as lost income or added cost of living expenses due to a long injury or illness. Supplemental health insurance is a cash benefit paid to the insurer based on the specific plan or policy. Policies vary with a number of plans available for disease specific insurance (cancer), accidental death and dismemberment, accident health and hospital indemnity insurance.

Is a supplemental health insurance plan right for you?

You may be wondering why you would need “extra” insurance if you already have health insurance. Purchasing supplemental insurance is a personal choice that depends on several factors such as:

• Do you have special risk factors?

• How much insurance do you want to carry?

• How much insurance can you afford to carry?

• How much savings do you have available in the event you were unable to work for an extended period of time?

Before purchasing supplemental insurance you should first determine the level of coverage that you have through your standard health insurance policy. If you have a good policy most of your health insurance bills should be covered.

Do you have specific risk factors that make it more likely that you may be in need of this type of insurance coverage? Retired persons, elderly persons, large families or self employed individuals may be less able to handle the onslaught of medical expenses that go hand and hand with a medical emergency. Anyone who would suffer financially if they were unable to work, may consider the cash benefits worth the relatively low cost of the premiums.

What expenses are covered by supplemental insurance plans?

We have established that this insurance covers “extras” that your standard insurance may miss. Here are a few examples of expenses supplemental insurance may cover.

• Transportation costs

• living expenses

• child care needs

• out-of-pocket hospital expenses

• diagnostic testing

• private duty nursing services

Insurance needs and personal finance decisions vary greatly from person to person and you should make any decisions regarding supplemental insurance benefits based on your specific situation.

It’s about time for “open season”.  I’m not talking about the hunting season - instead, I’m referring to the period of open-enrollment for your health plans.

The majority of employers will be requiring their workers to contribute even more to their health insurance costs as 2009 predicts healthcare costs to increase anywhere from 6% to 10%.  Some employees may share the price increase with higher premiums, while others will face higher deductibles, co-payments and co-insurance options.

Don’t be the person who finds out about changes to your healthcare coverage when you receive a bill in the mail that you weren’t expecting for charges that weren’t covered by your health insurance (but that you thought would be covered).

Avoid the surprise by reviewing the 2009 open-enrollment materials for changes to the plan offerings and terms.  In particular, look for:

• New plans: In an effort to keep health insurance affordable, companies roll out new types of health plans.  Weight the pros and cons of each carefully before selecting a new type of plan.  Do you want the new high-deductible plan that requires more of yoru day to day expenses coming out of pocket; or do you want a limited-benefit plan to cover routine office visits and immunizations but limit more expensive coverage?
• Look at what you’ve been paying:  go over your healthcare costs for the previous year or two.  Will your health care needs be about the same or different for 2009?  (Are you planning a baby or surgery?) Make your choices based on expectations for health care needs.
• Preferred doctors: an HMO requires that you choose providers from a list of participating providers.  Is your preferred doctor on the list for your chosen health care plan? Give them a call to find out if they plan to participate in that particular health care plan in 2009.
• Wellness rewards:  some employer health plans offer low or even no-cost coverage for generic drugs that control chronic conditions (like diabetes or hypertension).  Preventative screenings are often covered 100% to encourage you to take preventative measures for your health.

Making educated decisions regarding which healthcare plan is best for you (and your family) is the best way to reduce your healthcare costs for the new year.  Be prepared to compare and ask questions that help you choose the best plan for your unique situation.

Most frequent travelers agree that having travel insurance
to protect you against some of the biggest and most expensive problems of traveling is well worth the time and expense.  Whether traveling for a weekend in the next state over or taking a long distance holiday in another country – having travel insurance can help protect you should the unthinkable happen.

Travel Insurance Basics and Options

Sometimes it makes sense to select the bare minimum in order to save money on things, but travel insurance may not be the expense to skimp on.  The typical travel insurance policy covers basics, including:

• basic medical expenses while traveling
• emergency assistance required while traveling
• lost luggage
• cancellation fees
• accidental death or dismemberment (pays your family like a life insurance policy)

These coverage options are great, and may be covered by the credit card you used to book your flight or travel arrangements.  There are times when you need additional coverage, however, such as when you are traveling with expensive equipment or personal items.  Having coverage for theft of your luggage or personal items can help you if you need to replace stolen items on your trip.

Additional Considerations for Travel Insurance Coverage

Depending where you are traveling, sometimes it makes sense to purchase additional coverage for high-risk locations, extreme sporting adventures, or long term travel are all good options for additional coverage.

High-risk locations: When traveling to war zones or high-risk terrorist activity countries, your standard travel insurance is not likely to include coverage for injuries occurring due to war conditions, coverage for terrorist activities or for emergency evacuation from dangerous places.  If you need to travel in these extreme conditions, you’ll need additional coverage through supplemental policies to make sure you have the coverage you need.

Sports:  If you intend to go mountain biking, water or snow skiing, or sky diving (among other “extreme sports”), your travel insurance is not likely to cover these activities because they result in higher rates of injury and pose a greater risk for the insurance company.

Long term: if you’re traveling for unspecified or long periods of time, you will want to look at long-term travel insurance policies as they are different from the standard coverage.  People going abroad to work or on missionary trips would benefit from long-term policies that cover the entire duration of the trip.  If traveling as a student, there are specific travel insurance policies that offer health care, trip cancellation and other services specific to students.