INSURANCE

Insurance includes workers who deliver services that transfer risk from an individual or business to an insurance company in order to protect individuals and businesses from financial losses.

CAREER DETAILS

Description:
Sell life, property, casualty, health, automotive, or other types of insurance. May refer clients to independent brokers, work as an independent broker, or be employed by an insurance company.

Tasks:

  • Customize insurance programs to suit individual customers, often covering a variety of risks.
  • Sell various types of insurance policies to businesses and individuals on behalf of insurance companies, including automobile, fire, life, property, medical and dental insurance, or specialized policies, such as marine, farm/crop, and medical malpractice.
  • Explain features, advantages, and disadvantages of various policies to promote sale of insurance plans.
  • Perform administrative tasks, such as maintaining records and handling policy renewals.
  • Seek out new clients and develop clientele by networking to find new customers and generate lists of prospective clients.

*Additional tasks may be needed for this career.

Average Salary:
$28,290 – $123,300

Description:
Analyze statistical data, such as mortality, accident, sickness, disability, and retirement rates and construct probability tables to forecast risk and liability for payment of future benefits. May ascertain insurance rates required and cash reserves necessary to ensure payment of future benefits.

Tasks:

  • Ascertain premium rates required and cash reserves and liabilities necessary to ensure payment of future benefits.
  • Design, review, and help administer insurance, annuity and pension plans, determining financial soundness and calculating premiums.
  • Determine, or help determine, company policy, and explain complex technical matters to company executives, government officials, shareholders, policyholders, or the public.
  • Provide advice to clients on a contract basis, working as a consultant.
  • Analyze statistical information to estimate mortality, accident, sickness, disability, and retirement rates.

*Additional tasks may be needed for this career.

Average Salary:
$58,910 – $186,250

Description:
Process new insurance policies, modifications to existing policies, and claims forms. Obtain information from policyholders to verify the accuracy and completeness of information on claims forms, applications and related documents, and company records. Update existing policies and company records to reflect changes requested by policyholders and insurance company representatives.

Tasks:

  • Prepare insurance claim forms or related documents and review them for completeness.
  • Calculate amount of claim.
  • Post or attach information to claim file.
  • Transmit claims for payment or further investigation.
  • Contact insured or other involved persons to obtain missing information.

*Additional tasks may be needed for this career.

Average Salary:
$25,410 – $50,260

VIRGINIA WIZARD

Learn more about the careers above and others in this sector by visiting the Virginia Education Wizard.

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