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The differences between life underwriters and underwriting specialists can be seen in a few details. Each job has different responsibilities and duties. Additionally, a life underwriter has an average salary of $78,633, which is higher than the $63,325 average annual salary of an underwriting specialist.
The top three skills for a life underwriter include underwriting decisions, risk selection and health insurance. The most important skills for an underwriting specialist are customer service, underwriting guidelines, and financial statements.
| Life Underwriter | Underwriting Specialist | |
| Yearly salary | $78,633 | $63,325 |
| Hourly rate | $37.80 | $30.44 |
| Growth rate | -4% | -4% |
| Number of jobs | 16,767 | 25,164 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 74% | Bachelor's Degree, 73% |
| Average age | 44 | 44 |
| Years of experience | - | - |
A life underwriter is a person who helps give the insurer a detailed outlook on their health and presents them with a premium. An underwriter works for an insurance company and examines an insurer's eligibility for certain benefits. They then evaluate the application depending on their capacity to pay and their current health status. Also, they need to inform them about the advantages and disadvantages of having life insurance.
An underwriting specialist is responsible for reviewing clients' applications in availing financial services and determining their eligibility by analyzing credit scores and risk potential. Underwriting specialists record all necessary information and may ask for additional requirements for further investigation. They assess policy applications and implement terms and conditions upon approval and ensure that the clients understood the process to prevent miscommunication and payment delays. An underwriting specialist must have extensive knowledge of the loan and insurance disciplines to identify coverage and limitations for efficient contract negotiations.
Life underwriters and underwriting specialists have different pay scales, as shown below.
| Life Underwriter | Underwriting Specialist | |
| Average salary | $78,633 | $63,325 |
| Salary range | Between $53,000 And $116,000 | Between $39,000 And $101,000 |
| Highest paying City | - | Boston, MA |
| Highest paying state | - | Massachusetts |
| Best paying company | - | AIG |
| Best paying industry | - | Finance |
There are a few differences between a life underwriter and an underwriting specialist in terms of educational background:
| Life Underwriter | Underwriting Specialist | |
| Most common degree | Bachelor's Degree, 74% | Bachelor's Degree, 73% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | University of Pennsylvania |
Here are the differences between life underwriters' and underwriting specialists' demographics:
| Life Underwriter | Underwriting Specialist | |
| Average age | 44 | 44 |
| Gender ratio | Male, 41.7% Female, 58.3% | Male, 39.0% Female, 61.0% |
| Race ratio | Black or African American, 8.8% Unknown, 2.5% Hispanic or Latino, 9.6% Asian, 5.6% White, 73.0% American Indian and Alaska Native, 0.4% | Black or African American, 8.9% Unknown, 2.5% Hispanic or Latino, 10.0% Asian, 5.8% White, 72.4% American Indian and Alaska Native, 0.4% |
| LGBT Percentage | 9% | 9% |