Insurance Industry Jobs for Lawyers

It would be hard to imagine any corporation or business entity without an insurance program, or risk management as it is sometimes known. The only differences are essentially those dictated by the varying needs of the organization and the number of persons necessary to accomplish the individual company's objectives.

Several distinct activities are involved.

First of all, it is essential to recognize all corporate rules of accidental occurrences, both actual and potential, in the areas of property, loss of income, workers compensation and liability. This may involve surveys of company property, assets and operations to classify hazards and evaluate insurable risks. Consultation with engineering, personnel and financial departments may be necessary to plan insurance risk coverage plus negotiation with insurance brokers to purchase adequate coverage at the lowest possible cost.

It will be necessary to keep up with insurance industry developments, such as new areas of coverage that may be planned, plus current insurance legislation in order that risk coverage may be changed or modified as needed.

Records and reports must be prepared on experience-cost-analysis and safety and loss prevention summaries for the guidance of management.

Negotiation of the settlement of loss claims with insurance carriers and cooperation with the legal department to provide information for the litigation of insured risks will be among the responsibilities in this area. In addition, all insurance contracts will need constant auditing to determine any changes in insurance requirements and coverage needed.

Within the insurance industry itself, there are legally trained persons working in almost every aspect of the company's activities. These will include most of the common areas of concern to all corporate entities, plus the development or revision of specific insurance programs to meet anticipated demand.
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Those areas of insurance company activity comparable to those found in other industries need not be reiterated. Entry into these positions will, in most cases, be comparable to the procedures used in other industries.

Many insurance companies utilize a special entry level position to thoroughly acquaint new additions to their staff with the special problems, procedures and policies peculiar to the insurance industry, and to the specific company. That position is commonly known as claims adjustor.

This individual investigates claims for loss and damage filed in conjunction with a specific insurance policy and tries to effect out-of-court settlement. He or she will examine the claim form and other records to determine insurance coverage, interview or correspond with the claimant and witnesses, consult police and hospital records, and inspect property damage to determine the extent of the company's liability, varying the method of investigation according to the type of insurance.

A report of the findings will be prepared and an effort to negotiate settlement will be made with the claimant. When a settlement cannot be negotiated, the claims adjustor will make a recommendation for litigation to the legal department. Although he or she will not be directly involved in the litigation, the claims adjustor may attend the litigation hearings. The claims adjustor does not settle life or accident-and-sickness claims. However, the individual may be designated according to the type of claim with which he or she is dealing such as casualty insurance, fidelity and surety bonds, fire insurance, or marine insurance.

These positions not only give day-to-day experience with the practical implementation of the company's insurance programs, but they provide a unique opportunity to observe first-hand the various opportunities for advancement to positions peculiar to industry operations.

One such position is that of underwriter whose duties include review applications for insurance to evaluate the degree of risk involved and accept those that follow the company's underwriting policies. Company records will be reviewed to determine the amount of insurance in force on a single risk or group of closely related risks, as well as evaluating possibility of losses due to catastrophe or excessive insurance. Risks which are too excessive to obligate the company will be declined or reinsurance may be authorized. If the risk is substandard, the underwriter may limit the company's obligation by decreasing the value of the policy, specifying applicable endorsements, or apply a rating to insure safe and profitable distribution of risks. Underwriters will usually work in only a single area such as accident-and-sickness, automobile, bond, fire, liability, life, marine, property and special risks.

Legally trained persons are also to be found frequently in the local and district offices of insurance companies. Often they will start in sales positions where the opportunity is provided to become familiar with the potential insurance needs of the clients. Legal training has proved helpful in allowing the individual to explain most effectively how the coverage suggested will specifically answer the client's needs. Legally trained persons are also utilized in selecting and writing endorsements and riders, reviewing policies to be sure that the coverage is as contemplated, and, perhaps even more importantly, participating in the handling of insurance claims.

To know more about the opportunities in the insurance industry, go to www.insurcrossing.com
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