Salary for Insurance Workers
Insurance provides reimbursement for financial losses incurred during accidents and catastrophes. They can cover life, health and property, among other aspects of an individual's or organization's life. The industry provides work for employees that you would find in any company, such as managers, secretaries, janitors and clerks. However, it also has professionals specific to its type of business, with salaries varying by job title and employer.
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Insurance Sales Agents
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Insurance sales agents sell life, health, casualty and other insurance, either as independent brokers or as a representative of an insurance company. As of May 2009, their median salary was $45,500 per year with a range of $25,800 to $114,910. This is equal to $21.87 per hour, with a range of $12.40 to $55.24. Their biggest employers were insurance agencies and brokerages, with 70 percent of the available 325,710 jobs. They paid a mean $29.65 per hour or $61,660 per year. Their highest paying employers were management, scientific and technical consulting services, with means at $34.71 per hour or $72,190 per year for 590 positions. This information is the most current from the Bureau of Labor Statistics (BLS).
Underwriters
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Underwriters determine whether applications should be accepted and the degree of risk that they represent. They make a median $57,820 per year, with a range of $35,630 to $99,420. This is equivalent to $27.80 per hour, with a range of $17.13 to $47.80. Their biggest employers were insurance carriers, with 66 percent of the available 98,430 jobs. They paid $30.98 per hour or $64,440 per year. Their highest paying employers were other financial investment activities not involving securities brokers or exchanges. They paid a mean $35.99 per hour or $74,860 per year for 280 positions.
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Claims Adjusters
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Claims adjusters review claims to ensure that they were settled according to company standards and that payments were correctly disbursed to recipients. They made a median $57,130 per year, with a range of $34,820 to $85,810. This breaks down to $27.46 per hour, with a range of $16.74 to $41.25. Their largest employers were insurance carriers, with almost 47 percent of the available 273,930 jobs. They paid a mean $27.83 per hour or $57,890 per year. Their highest paying employers were securities and commodity contracts brokerages, with means at $34.59 per hour or $71,950 per year.
Actuaries
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Actuaries analyze the risk of catastrophes by combining statistics, business and finance. They then create insurance policies that minimize the cost of that risk. They made a median $87,210 per hour, with a range of $51,950 to $158,240 per year. This equals $41.93 per hour, with a range of $24.98 to $76.08 per year. Their biggest employers were insurance carriers, with over 53 percent of the available 17,940 positions. They paid a mean $46.19 per hour or $96,080 per year. Their highest paying employers were business, professional, labor and political organizations, with means at $60.37 per hour or $125,560 per year for only 40 positions.
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References
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