How to Become a Delaware Certified Underwriter

Insurance underwriting is an essential link between provider and agent.

Underwriters review applications for life, health and property and casualty insurance.
An underwriter evaluates the risks to determine if granting insurance coverage would result in a loss to the company. Underwriters also decide under what terms a company can provide insurance coverage. If an applicant does not meet the requirements of the underwriting department, the application is not approved. Certifications and requirements for underwriters vary from one state to another. Requirements also differ depending on the type of insurance underwriting.

Things You'll Need

• Bachelor's degree
• Professional certification
• Licensing application

Instructions

1. Earn a bachelor’s degree. Although some insurance companies require no particular degree for an underwriter, most companies want underwriters who have a bachelor’s degree in business administration or finance. Educational requirements may vary depending on the insurance company, your previous work experience and the area of insurance in which you want to specialize.

2. Develop excellent computer skills. Insurance underwriters typically work in an office setting spending most of their time on the computer. Underwriters use automated underwriting systems and other computer applications to help them analyze data and calculate the risk of insuring an individual. Computer software programs aid underwriters in screening applicants based on specific criteria. Often an insurance company's computer system is linked to Internet databases that allow the underwriter immediate access to certain information.

3. Gain extensive experience in the insurance industry. Previous insurance experience is a plus. Generally, insurance companies start an individual out as an underwriter assistant or trainee. This gives you time to develop your skills before working independently. Review the latest tax laws and remain up-to-date on government regulations.

4. Prepare to take a written exam. Insurance professionals in Delaware must pass a written examination before being licensed. The examination tests the applicant's knowledge of the duties, responsibilities and ethics related to providing insurance. The exam also tests the applicant's knowledge and understanding of the insurance laws and regulations of Delaware state. The Delaware Department of Insurance provides an examination study manual. Exam scores are valid for 12 months.

5. Submit your application for licensing to the Insurance Commissioner on the Uniform Application. Insurance professionals must submit all fees for licensing, pass the required examinations and obtain a criminal history statement from the Delaware State Bureau of Identification.

6. Complete any coursework required for certification. Some certification programs take one to two years to complete. Becoming certified as an underwriting professional can help you further your career. Certifying agencies include the Insurance Institute of America and the American Institute for Chartered Property Casualty Underwriters.

Tips & Warnings

• Get an MBA in finance, accounting or other business-related major if you want to advance in your career more quickly. A master's degree will help prepare you to move into a managerial position.

References

• Delaware Code: Licensing of Professional Insurance Personnel
• Delaware Department of Insurance: Organization, Methods and Operations of the Delaware Insurance Commission
• Bureau of Labor Statistics: Insurance Underwriters
• MBA Today: Underwriter Career
• American Institute for Chartered Property Casualty Underwriters: Programs