Skills & Competencies for Underwriter (Life) III

Underwriter (Life) III job profile

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JOB SUMMARY for Underwriter (Life) III

Reviews medical, occupational, financial, and legal information to select or reject individual or group life insurance applications.

JOB RESPONSIBILITIES for Underwriter (Life) III

Calculates rates and premiums from approved decrement tables. Approves or denies applications on own discretion.

Underwriter (Life) III SALARY RANGE

BASE 50%
$96,907
TOTAL 50%
$103,680
Job Level
P03
Job Code
FA06000047
Education/Degree
Bachelor's Degree
Reports To
Manager

Underwriter (Life) III Skills and Competencies List

Proficiency Levels and Behavioural Indicators
Salary.com identifies five increasing levels of proficiency for each skill/competency. Some jobs require only a relatively low level of proficiency in each skill/competency, while other jobs will require a more advanced level of proficiency in the same skill/competency. These levels rate the degree of proficiency (skill level, expertise) we expect the incumbent to perform in the given skill/competency for the given job. Note that we intentionally do not associate timeframes or years of experience in performing the skill/competency because that can be misleading. Proficiency levels identify what the incumbent knows and can do rather than how long they have been doing it. Also, note that the proficiency levels are cumulative, e.g., a level 4 proficiency implies the ability to perform all the behaviors at the lower levels.
Check each Underwriter (Life) III skill and competencie below to view definitions.
INDUSTRY COMPETENCIES CORE COMPETENCIES
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10 hard skills or competencies (industry competencies) for Underwriter (Life) III

1 Industry Competency – Insurance Industry
Proficiency Level -2
Skill definition-Applying knowledge of the insurance industry to provide risk management services and protection to various individuals from financial loss.
Level 1 Behaviors
(General Familiarity)
Describes the processes and rate standards for calculating the amount for insurance claims.
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Level 2 Behaviors
(Light Experience)
Gathers clients' financial information for the preparation of insurance contracts.
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Level 3 Behaviors
(Moderate Experience)
Makes necessary adjustments to insurance policies to meet customer needs.
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Level 4 Behaviors
(Extensive Experience)
Handles complex insurance losses through negotiation of favorable claims settlements with insurance companies.
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Level 5 Behaviors
(Mastery)
Develops and establishes risk reduction best practices to prevent fraudulent claims transactions.
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2 Industry Competency – Insurance Legal and Regulatory Environment
Proficiency Level -2
Skill definition-Creating, executing, and adhering to state and federal laws governing insurance operations to ensure financial security and consumer protection.
Level 1 Behaviors
(General Familiarity)
Describes the basic structure of insurance legal and regulatory environment.
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Level 2 Behaviors
(Light Experience)
Complies with insurance legal and regulatory principles to safeguard the rights and interests of the insured.
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Level 3 Behaviors
(Moderate Experience)
Analyzes existing legal and regulatory standards to address errors affecting insurance policies.
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Level 4 Behaviors
(Extensive Experience)
Improves legal procedures for licensing intermediaries or producers to prevent penalties.
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Level 5 Behaviors
(Mastery)
Designs compliance strategies and programs to prevent violations of statutes, regulations, and policies.
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3 Underwriter (Life) III - Skill and Competency
Proficiency Level - 3
4 Skill and Competency - Underwriter (Life) III
Proficiency Level - 4
5 Competency for - Underwriter (Life) III
Proficiency Level - 5

10 soft skills or competencies (core competencies) for Underwriter (Life) III

1 Core Competencies – Standard Operating Procedures (SOP)
Proficiency Level -2
Skill definition-A set of written instructions that describes the step-by-step activities to complete tasks in compliance with business standards and industry regulations.
Level 1 Behaviors
(General Familiarity)
Describes the purposes and benefits of Standard Operating Procedures (SOP).
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Level 2 Behaviors
(Light Experience)
Documents the SOP drafts and outlines for final approval.
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Level 3 Behaviors
(Moderate Experience)
Implements the use of SOP throughout our business to drive efficiency.
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Level 4 Behaviors
(Extensive Experience)
Enhances the SOP management system to improve efficiency and user experience.
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Level 5 Behaviors
(Mastery)
Designs a Standard Operating Procedure (SOP) strategy to align with our business objectives.
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2 Core Competencies – Risk Management
Proficiency Level -3
Skill definition-The identification, evaluation, and prioritization of various risks, followed by controlling practices to minimize any adverse impact.
Level 1 Behaviors
(General Familiarity)
Illustrates the necessity and benefits of active risk management.
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Level 2 Behaviors
(Light Experience)
Conducts regular risk reviews of our business value streams and reports results to management.
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Level 3 Behaviors
(Moderate Experience)
Implements latest policies, procedures, and initiatives to manage risks.
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Level 4 Behaviors
(Extensive Experience)
Develops risk identification and quantification approaches to guide the risk management practices.
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Level 5 Behaviors
(Mastery)
Designs and develops organizational risk management strategy to align with organizational strategy.
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3 Underwriter (Life) III - Skill and Competency
Proficiency Level - 3
4 Skill and Competency - Underwriter (Life) III
Proficiency Level - 4
5 Competency for - Underwriter (Life) III
Proficiency Level - 5

Summary of Underwriter (Life) III skills and competencies

There are 10 hard skills for Underwriter (Life) III, Insurance Industry, Insurance Legal and Regulatory Environment, Personal Insurance, etc.
0 general skills for Underwriter (Life) III.
10 soft skills for Underwriter (Life) III, Standard Operating Procedures (SOP), Risk Management, Critical Thinking, etc.
While the list totals 20 distinct skills, it's important to note that not all are required to be mastered to the same degree. Some skills may only need a basic understanding, whereas others demand a higher level of expertise.
For instance, as a Underwriter (Life) III, he or she needs to be proficient in Standard Operating Procedures (SOP), be skilled in Risk Management, and be skilled in Critical Thinking.

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