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An underwriter trainee is an entry-level position for an insurance underwriter. Insurance underwriters assess the risk that an applicant brings through an application for insurance. The underwriter will begin with the information on the application itself and then investigate from other sources to gather whatever is needed to evaluate the risk.
Depending upon the type of insurance, the other information may involve credit history, medical background, driving history, financial information, and a host of other types of background information. Gathering information may involve a phone interview with the applicant over the telephone.
Once the information that is needed is put together, the underwriter will match the data to a pricing schedule, rate the policy and make the decision as to whether the policy can be issued, at what price, and with any exclusions if applicable.
The underwriter will be in contact with the agent or broker that was responsible for submitting the insurance application. If there is information from the broker that is helpful in underwriting the application he will use that information in assessing the risk if the information is pertinent to the risk.
When the policy is issued, it is sent to the agent or the insured whichever is required and the job of the underwriter is finished unless the agent or the insured would like to see an alternate issue of the same policy but with perhaps different coverage based upon the same risk.
The underwriter trainee will be trained in all of the above job functions and will also experience on the job training by shadowing an underwriter so real job training can be experienced. There are many nuances and on the spot decisions that an underwriter makes that can only come from experience. The underwriter trainee will learn these nuances and how to cope with them by experiencing them on the job.
Watch this video for an insight into the typical day of an Insurance Underwriter!