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Career and Education Opportunities for Insurance Underwriters in Peoria, Arizona

Peoria, Arizona provides a wide variety of opportunities, both career and educational, for insurance underwriters. About 1,500 people are currently employed as insurance underwriters in Arizona. By 2016, this is expected to grow 5% to 1,570 people employed. This is better than the nation as a whole, where employment opportunities for insurance underwriters are expected to shrink by about 4.1%. Insurance underwriters generally review individual applications for insurance to evaluate degree of risk involved and determine acceptance of applications.

Insurance underwriters earn about $23 hourly or $48,330 annually on average in Arizona and about $27 per hour or $56,790 per year on average nationally. Incomes for insurance underwriters are not quite as good as in the overall category of Accounting and Auditing in Arizona, and better than the overall Accounting and Auditing category nationally. People working as insurance underwriters can fill a number of jobs, such as: underwriter, underwriting director, and underwriting account representative.

There is one school within twenty-five miles of Peoria where you can study to be an insurance underwriter, among seventy-four schools of higher education total in the Peoria area. The most common level of education for insurance underwriters is a Bachelor's degree. You can expect to spend about four years studying to be an insurance underwriter if you already have a high school diploma.

CAREER DESCRIPTION: Insurance Underwriter

Insurance Underwriter video from the State of New Jersey Dept. of Labor and Workforce Development

In general, insurance underwriters review individual applications for insurance to evaluate degree of risk involved and determine acceptance of applications.

Insurance underwriters decline excessive risks. They also write to field representatives and others to obtain further data or explain company underwriting policies. Equally important, insurance underwriters have to inspect company records to establish amount of insurance in force. They are often called upon to decrease value of policy when risk is substandard and specify applicable endorsements. Finally, insurance underwriters authorize reinsurance of policies when risks are high.

Every day, insurance underwriters are expected to be able to read and understand documents and reports. It is also important that they articulate ideas and problems.

It is important for insurance underwriters to evaluate possibility of losses due to catastrophe or excessive insurance. They are often called upon to examine documents to establish degree of risk from such factors as applicant financial standing and value and state of property. Somewhat less frequently, insurance underwriters are also expected to write to field representatives and others to obtain further data or explain company underwriting policies.

And finally, they sometimes have to decrease value of policy when risk is substandard and specify applicable endorsements.

Like many other jobs, insurance underwriters must have exceptional integrity and be thorough and dependable.

Similar jobs with educational opportunities in Peoria include:

  • Accountant. Analyze financial information and prepare financial reports to determine or maintain records of assets, liabilities, profit and loss, tax liability, or other financial activities within an organization.
  • Assessor. Appraise real and personal property to determine its fair value. May assess taxes in accordance with prescribed schedules.
  • Auditor. Examine and analyze accounting records to determine financial status of establishment and prepare financial reports concerning operating procedures.
  • Budget Analyst. Examine budget estimates for completeness, accuracy, and conformance with procedures and regulations. Analyze budgeting and accounting reports for the purpose of maintaining expenditure controls.
  • Cost Analyst. Prepare cost estimates for product manufacturing, construction projects, or services to aid management in bidding on or determining price of product or service. May specialize according to particular service performed or type of product manufactured.
  • Credit Analyst. Analyze current credit data and financial statements of individuals or firms to determine the degree of risk involved in extending credit or lending money. Prepare reports with this credit information for use in decision-making.
  • Financial Analyst. Conduct quantitative analyses of information affecting investment programs of public or private institutions.
  • Financial Examiner. Enforce or ensure compliance with laws and regulations governing financial and securities institutions and financial and real estate transactions. May examine, verify correctness of, or establish authenticity of records.
  • Income Tax Advisor. Prepare tax returns for individuals or small businesses but do not have the background or responsibilities of an accredited or certified public accountant.
  • Insurance Appraiser. Appraise automobile or other vehicle damage to determine cost of repair for insurance claim settlement and seek agreement with automotive repair shop on cost of repair. Prepare insurance forms to indicate repair cost or cost estimates and recommendations.
  • Loan Counselor. Provide guidance to prospective loan applicants who have problems qualifying for traditional loans. Guidance may include determining the best type of loan and explaining loan requirements or restrictions.
  • Loan Officer. Evaluate, authorize, or recommend approval of commercial, real estate, or credit loans. Advise borrowers on financial status and methods of payments. Includes mortgage loan officers and agents, collection analysts, loan servicing officers, and loan underwriters.
  • Personal Financial Planner. Advise clients on financial plans utilizing knowledge of tax and investment strategies, securities, and real estate. Duties include assessing clients' assets, liabilities, and financial objectives to establish investment strategies.
  • Real Estate Appraiser. Appraise real property to determine its value for purchase, sales, or loan purposes.
  • Tax Examiner. Determine tax liability or collect taxes from individuals or business firms according to prescribed laws and regulations.

EDUCATIONAL OPPORTUNITIES: Insurance Underwriter Training

Phoenix College - Phoenix, AZ

Phoenix College, 1202 W Thomas Rd, Phoenix, AZ 85013. Phoenix College is a large college located in Phoenix, Arizona. It is a public school with primarily 2-year programs and has 10,917 students. Phoenix College has a less than one year and an associate's degree program in Insurance.

CERTIFICATIONS

Chartered Property Casualty Underwriter: More than 65,000 people have earned the CPCU professional designation.

For more information, see the American Institute for CPCU and Insurance Institute of America website.

Associate in Commerical Underwriting: Enhance your professional confidence by building a strong foundation in underwriting principles with the Institutes' Associate in Commercial Underwriting program.

For more information, see the American Institute for CPCU and Insurance Institute of America website.

Associate in Risk Management: The Insurance Institute of America's newly revised Associate in Risk Management (ARM) designation program will teach your employees the practical, relevant skills they need to help manage risk at all levels of your company.

For more information, see the American Institute for CPCU and Insurance Institute of America website.

Associate in Premium Auditing: The Associate in Premium Auditing program provides a sold foundation in essential auditing, accounting, and insurance principles.

For more information, see the American Institute for CPCU and Insurance Institute of America website.

Associate in Insurance Services: The Associate in Insurance Services program is a nationally recognized educational program designed specifically for insurance personnel.

For more information, see the American Institute for CPCU and Insurance Institute of America website.

Associate in Risk Management for Public Entities: The Insurance Institute of America's newly revised Associate in Risk Management (ARM) designation program will teach your employees the practical, relevant skills they need to help manage risk at all levels of your company.

For more information, see the American Institute for CPCU and Insurance Institute of America website.

Risk Management for Public Entities: Understand the unique nature of the public sector.

For more information, see the American Institute for CPCU and Insurance Institute of America website.

Certified Pension Consultant: The Certified Pension Consultant (CPC) credential is designed for benefits professionals working in plan administration, pension actuarial administration, insurance, and financial planning.

For more information, see the American Society of Pension Professionals and Actuaries website.

LOCATION INFORMATION: Peoria, Arizona

Peoria, Arizona
Peoria, Arizona photo by Ceemo

Peoria is located in Maricopa County, Arizona. It has a population of over 157,960, which has grown by 45.8% over the last ten years. The cost of living index in Peoria, 94, is below the national average. New single-family homes in Peoria are priced at $169,600 on average, which is far less than the state average. In 2008, seven hundred ninety-four new homes were built in Peoria, down from 1,148 the previous year.

The three most popular industries for women in Peoria are health care, finance and insurance, and educational services. For men, it is construction, public administration, and professional, scientific, and technical services. The average commute to work is about 29 minutes. More than 21.7% of Peoria residents have a bachelor's degree, which is higher than the state average. The percentage of residents with a graduate degree, 6.5%, is lower than the state average.

The unemployment rate in Peoria is 6.1%, which is less than Arizona's average of 9.3%.

The percentage of Peoria residents that are affiliated with a religious congregation, 39.7%, is less than the national average but more than the state average. The largest religious groups are the Catholic Church, the LDS (Mormon) Church and the Southern Baptist Convention.

Peoria is home to the Maricopa County Community Services and the Lake Pleasant Inn as well as Murphy Park and Varney Park. Shopping centers in the area include Arrowhead Mall, Pueblo Plaza Shopping Center and Plaza de Alamos Shopping Center. Visitors to Peoria can choose from La Quinta Phoenix Inn And Suites Peoria, Hampton Inn Glendale-Peoria and FlyHwnTrvl for temporary stays in the area.