The life insurance industry relies on the skills of various different professionals to create, manage, sell, and investigate insurance policies for clients. There are several different types of life insurance jobs available, including work as agents, brokers, underwriters, claims adjusters, and investigators. The majority of professionals in life insurance jobs have college degrees in business management, finance, or accounting, as well as experience in customer service and administrative work.
Life insurance jobs in sales are held by agents and brokers. Agents typically work for insurance companies, meeting with clients to explain their options and determine what type of policies best suit their wishes. They may meet with a potential policyholder's beneficiaries to discuss specific terms regarding how a policy is to be paid. Insurance brokers are usually independent representatives who help people find the best deals and rates from different insurance companies.
An underwriter uses information about a client and general statistics to create the appropriate life insurance policy. Factors such as a person's age, employment, health issues, and assets are considered and compared with statistics on similar individuals. The underwriter must determine whether or not to insure a person based on such factors, how much a policy should be worth, and the premiums the client must regularly pay.
When a claim is filed, an adjuster attempts to determine its legitimacy and settle the claim with the policyholder's beneficiaries. The claims adjuster confirms the cause of death and the circumstances surrounding the incident by interviewing family members, police officers, coroners, and other parties involved. When a claim is deemed valid, the adjuster meets with beneficiaries to negotiate the final terms and confirm that a policy is paid out fairly.
When a situation seems suspicious, an insurance investigator is called upon to uncover all the details about a claim. The investigator may conduct interviews, perform surveillance, check records, and correspond with law enforcement professionals to find out facts. He or she may be called upon in court to to give an expert witness statement on behalf of the insurance company.
There are specific educational requirements for professionals in each of the different life insurance jobs. Sales agents and brokers are usually required to obtain bachelor's degrees in business management or a related field, and pass state-administered licensing examinations. Underwriters typically hold degrees in business or accounting, complete licensing requirements, and work as assistants or interns for a period of up to two years. Requirements to obtain life insurance jobs in claims adjustment or investigative work vary by employer, though most candidates have high school diplomas and pass specialized exams.
