Remote Life Insurance Underwriting Jobs - Understanding Life Insurance Underwriting

March 25, 2011 - PRLog -- Remote Life Insurance Underwriting Jobs

Life insurance underwriting is the process by which an insurance company determines if it will issue you a life insurance policy and, if so, the premium amounts you will have to pay on it. It is a complex process using a number of sophisticated formulas.

Usually, an insurance company will have people categorized into various groups based on factors that will be described below. When you apply for an insurance policy, they will use their calculations to decide which group you fit into and your premiums will be priced accordingly.

The people who do these complex calculations are called actuaries and their jobs are some of the highest paying jobs in the financial industry. Anyways, here are the factors that will usually be considered before your premium amounts are estimated.

Age - The first and foremost thing that they look at is your age. The younger you are, the lower your premiums.

Gender - Men and women have different average life spans that will result in different premium amounts even if they have otherwise identical situations.

Occupation - Some occupations are obviously riskier than others. For example, a factory worker has a lot more exposure to potential bodily injury than a person who works at a desk. Check Internet #1 - Remote Life Insurance Underwriting Jobs @ http://insurancecure01.webs.com and solve your problems right now!

Hobbies - If an insurance company comes to know that you are actively involved in dangerous hobbies such as skydiving, mountain climbing or other dangerous but fun activities, you will get a higher quote on your premiums.

Smoker - If you are a smoker, you are definitely going to be paying a premium that will be higher than average. Smoking leads to heart disease which is the number one cause of fatalities in the U.S.

Health exam - Some insurance companies will require you to take a health exam at a center instructed by them. Your premiums will be based on the results of that exam.

Other factors that are used in insurance underwriting are the amount of coverage or face value of the insurance that you are seeking. A higher face value or coverage amount will obviously require a larger premium. Premiums will also depend on the type of insurance policy selected. Term life insurance is the most affordable type of insurance available today. Prices can be less than a hundred bucks a month for small policies versus larger permanent policies that run in the thousands.

Underwriting is a subject that you really don't have to know much about unless there is a concern the policy may not be issued. If that is the case, then understand the factors at issue on the policy in question are critical. Check Internet #1 - Remote Life Insurance Underwriting Jobs @ http://insurancecure01.webs.com and solve your problems right now!

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