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| Actuaries assemble and
analyze data to estimate the probability and likely cost of the occurrence
of an event such |
| as death, sickness,
injury, disability, or loss of property. Actuaries also address financial
questions, including |
| those involving the
level of pension contributions required to produce a certain retirement
income level and the |
| way in which a company
should invest resources to maximize return on investments in light of
potential risk. Using |
| their broad knowledge
of statistics, finance, and business, actuaries help design insurance
policies, pension |
| plans, and other
financial strategies in a manner which will help ensure that the plans are
maintained on a sound |
| financial
basis. |
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| Claims adjusters,
examiners, and investigators work primarily for property and casualty
insurance companies, for |
| whom they handle a wide
variety of claims for property damage, liability, and bodily injury. Their
main role is to |
| investigate the claims,
negotiate settlements, and authorize payments to claimants, but they must
always be mindful |
| not to violate the
claimantÆs rights under Federal and State privacy laws. They must
determine whether the |
| customerÆs insurance
policy covers the loss and how much of the loss should be paid to the
claimant. Although many |
| adjusters, appraisers,
examiners, and investigators have overlapping functions and may even
perform the same job, |
| the insurance industry
generally assigns specific roles to each of these claims
workers. |
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| Insurance Appraisers,
Auto Damage 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. |
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| Insurance sales agents
sell one or more types of insurance, such as property and |
| casualty, life, health,
disability, and long-term care. Property and casualty insurance agents
sell policies that |
| protect individuals and
businesses from financial loss resulting from automobile accidents, fire,
theft, storms, |
| and other events that
can damage property. For businesses, property and casualty insurance can
also cover injured |
| workersÆ compensation,
product liability claims, or medical malpractice claims. |
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| Brokerage clerks
perform a number of different jobs with wide-ranging responsibilities; all
involve computing and |
| recording data
pertaining to securities transactions. Brokerage clerks also may contact
customers, take orders, and |
| inform clients of
changes to their accounts. Some of these jobs are more clerical and
require only a high school |
| diploma, while others
are considered entry-level positions for which a bachelorÆs degree is
needed. Brokerage |
| clerks, who work in the
operations departments of securities firms, on trading floors, and in
branch offices, also |
| are called margin
clerks, dividend clerks, transfer clerks, and assistants to
brokers. |
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| Claims examiners within
property and casualty insurance firms may have duties similar to those of
an adjuster, but |
| often their primary
primary job is to review the claims submitted to ensure that proper
guidelines have been |
| followed. They may
assist adjusters with complex and complicated claims or when a disaster
suddenly greatly |
| increases the volume of
claims. |
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| Insurance Claims and
Policy Processing Clerks 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. Excludes
Claims Adjusters, |
| Examiners, and
Investigators. |
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| Insurance Underwriters
review individual applications for insurance to evaluate degree of risk
involved and |
| determine acceptance of
applications. With the aid of computers, underwriters analyze information
in insurance |
| applications to
determine if a risk is acceptable and will not result in a loss.
Applications are often |
| supplemented with
reports from loss-control consultants, medical reports, data vendors, and
actuarial studies. |
| Underwriters then must
decide whether to issue the policy and the appropriate premium to charge.
In making this |
| determination,
underwriters serve as the main link between the insurance carrier and the
insurance agent. |
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