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Career and Education Opportunities for Insurance Underwriters in Pasadena, California

Pasadena, California provides a wide variety of opportunities, both career and educational, for insurance underwriters. About 9,800 people are currently employed as insurance underwriters in California. By 2016, this is expected to grow 7% to about 10,500 people employed. This is better than the national trend for insurance underwriters, which sees this job pool shrinking by about 4.1% over the next eight years. In general, insurance underwriters review individual applications for insurance to evaluate degree of risk involved and determine acceptance of applications.

Insurance underwriters earn approximately $29 hourly or $61,730 per year on average in California. Nationally they average about $27 per hour or $56,790 annually. Incomes for insurance underwriters are not quite as good as in the overall category of Accounting and Auditing in California, and better than the overall Accounting and Auditing category nationally. Jobs in this field include: insurance writer, risk analyst, and reviewer.

There are two schools within twenty-five miles of Pasadena where you can study to be an insurance underwriter, among 210 schools of higher education total in the Pasadena area. The most common level of education for insurance underwriters is a Bachelor's degree. You can expect to spend about four years training to become 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 Pasadena 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.
  • Claims Adjuster. Review settled insurance claims to determine that payments and settlements have been made in accordance with company practices and procedures. Report overpayments, underpayments, and other irregularities. Confer with legal counsel on claims requiring litigation.
  • 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

Glendale Community College - Glendale, CA

Glendale Community College, 1500 N Verdugo Rd, Glendale, CA 91208-2894. Glendale Community College is a large college located in Glendale, California. It is a public school with primarily 2-year programs and has 15,993 students. Glendale Community College has less than one year, associate's degree, and two to four year programs in Insurance which graduated one, zero, and zero students respectively in 2008.

Cerritos College - Norwalk, CA

Cerritos College, 11110 Alondra Blvd, Norwalk, CA 90650-6298. Cerritos College is a large college located in Norwalk, California. It is a public school with primarily 2-year programs and has 22,228 students. Cerritos College has an associate's degree and a two to four year 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.

LICENSES

Life and Disability Insurance Analyst

Licensing agency: Department of Insurance
Address: Producer Licensing Bureau, 320 Capitol Mall, Sacramento, CA 95814

Phone: (916) 322-3555
Website: Department of Insurance Producer Licensing Bureau

LOCATION INFORMATION: Pasadena, California

Pasadena, California
Pasadena, California photo by Morgoth666

Pasadena is located in Los Angeles County, California. It has a population of over 143,080, which has grown by 6.8% over the last ten years. The cost of living index in Pasadena, 167, is far greater than the national average. New single-family homes in Pasadena are priced at $298,000 on average, which is near the state average. In 2008, thirty-nine new homes were constructed in Pasadena, down from one hundred thirty-three the previous year.

The top three industries for women in Pasadena are educational services, health care, and professional, scientific, and technical services. For men, it is professional, scientific, and technical services, educational services, and accommodation and food services. The average commute to work is about 26 minutes. More than 41.3% of Pasadena residents have a bachelor's degree, which is higher than the state average. The percentage of residents with a graduate degree, 17.8%, is higher than the state average.

The unemployment rate in Pasadena is 9.7%, which is less than California's average of 12.3%.

The percentage of Pasadena residents that are affiliated with a religious congregation, 58.1%, is more than both the national and state average. Pasadena Church of God, All Saints Episcopal Church and Grace United Methodist Church are among the churches located in Pasadena. The most prominent religious groups are the Catholic Church, the Southern Baptist Convention and the LDS (Mormon) Church.

Pasadena is home to the Annandale Golf Course and the Hill Avenue Branch Pasadena Public Library as well as Victory Park and Lower Arroyo Park. Shopping centers in the area include Hastings Ranch Plaza Shopping Center, Hastings Ranch Shopping Center and Plaza Pasadena Shopping Center. Visitors to Pasadena can choose from Best Western Pasadena Inn, Best Western Colorado Inn Pasa and Astro Motel Pasadena for temporary stays in the area.