Life Insurance Occupations: Career Opportunities in the Industry (1948)

your life work
one of the most precious things in the world
is time
for time is the essence of life
units of time in days, months, years
are the measure of the life span of every human being
while no one can predict the life span of an individual child or even
that of an elderly grandfather
nevertheless the life expectancy of large groups of people can be readily
determined by experts in the life insurance field
for example insurance statistics show that out of ten thousand people of
thirty five years of age
sixty four hundred
or about sixty four percent
can be expected to reach the age of retirement
using facts such as these
life insurance companies have issued policies to more than half our
population
added up
these policies amount to about forty seven hundred dollars for each American
family
financial protection is thus provided to individuals desiring security in their
later years as well as in cases of emergency
until needed to pay these policy benefits most of the premium dollars
paid by policyholders to their insurance companies
are used to finance the expansion of industry and commerce
the operations of railroads and other transportation systems
the costs of certain local, state and national government activities
the development of utilities such as electric power, light and gas
companies
and
the construction of multiple housing projects in urban areas
in analyzing the operations of life insurance companies
which provide employment for more than three hundred thousand men and women
it is apparent that a great variety of talents and abilities
contribute to the process of issuing a policy
and keeping that policy in force
until it is paid out to the policyholder or beneficiary
in order to understand the functions of the life insurance home office
and to study of the job opportunities it provides
let's start from the moment the life insurance agent
secures a written application for life insurance
the application is then mailed to the home office of the life insurance company
thousands of such forms from agents and medical examiners throughout the
country are received at the home office
and after sorting and classifying
are delivered to the lay underwriters
the job of the lay underwriter is to determine whether the applicant can
qualify for life insurance
the lay underwriter's responsibility is great
for his decision must be fair both to the applicant and to the company
the decision is reached only after careful study of the agent's part of the
application
the medical report from the local doctor
and perhaps a report from the inspection bureau
relative to the financial, physical and moral status of the applicant
qualifications for this position include a thorough knowledge of life insurance
finance and economics
ability to understand medical reports
and a knowledge of occupations and the hazards they may entail
working closely with the underwriter
is the medical department staffed with doctors
the doctors function in an executive capacity
assisting the lay underwriter in appraising applicants for insurance
selecting and supervising the practicing physicians in the field
who examin applicants for life insurance
definite working hours are enjoyed by the home office doctor
at the same time he can contribute to medical research
through his studies of the trends in the disease and illness
information from medical reports on policyholders is filed for future
reference
file clerks in this department must be accurate and diligent in their work
for an error in the records could cause serious complications
in either issuing policies or in paying claims
the cost of insurance is determined by experts who plan the features of all
of the life insurance policies
the actuaries
the job of the actuary is one of the most important in the life insurance
company
he is to life insurance what the engineer is to bridge building
the actuary determines the basic facts upon which the company operates
he is the mathematical expert who prepares statistics regarding length
of life
establishes premium rates
computes policy values
and forecasts probable results
to be an actuary
one should be a college or university graduate with a major in mathematics and
with better than average ability
one should also study law, economics finance, accounting, English composition
and other cultural subjects
to achieve professional status
he must pass a series of eight examinations offered jointly by the two
professional actuarial organizations
it usually takes from six to nine years of part time study on the job to
complete the series
due to the actuary's comprehensive training he has qualified for higher
administrative positions
particularly if he shows ambition
initiative and the ability to work with people
his duties require frequent consultation with key executives
such as the president and treasurer of the company
the president is in close contact with the treasurer
who plans the financial policies of the company and supervises all funds
among the personnel in the treasurer's department are the cashiers
in charge of all cash transactions
incoming as well as outgoing
then there are the comptrollers, accountants and auditors who supervise the general
books and records of the company
the manual labor is greatly reduced by bookkeeping machines, tabulating machines
automatic check writers addressographs and many others
the treasurer's department may also be responsible for wise investment of
company funds
this function is directed by experienced financial advisers including mortgage
experts
real estate appraisers
and securities analysts
all legal problems in connection with life insurance company operations
are usually managed by a staff of professionally qualified lawyers
they guide the company
through the various complexities of legal matters
supervise the writing of policy contracts
and advise agents and field representatives on issues that may
affect the interest of policyholders and company alike
the claims department is responsible for paying the beneficiary of the amount due
on the death of the insured
there are no schools or colleges to instruct in claims examining
experience alone is the only teacher
and as in most careers in life insurance, the real training begins
on-the-job after you get started with a company
for this reason
many who plan on life insurance careers can find initial openings as clerks
stenographers, machine operators or file clerks in the home office
and work up to higher paying positions of greater responsibility
special skills required for these jobs are typing to handle the heavy home
office correspondence, shorthand to take dictation
or the ability to operate a stenotype or transcribing machine
in order to take dictation at high speed
mechanical devices are numerous in the home office
and special skills are necessary to operate equipment such as key punching
machines
photostat machines, tabulators
duplicating machines and postage metering machines
young men and women just out of high school and without special skills are
often hired as clerks if they show promise of being able to advance
most life insurance companies make every effort to aid the advancement of
employees
educational programs are offered to home office personnel
employees are encouraged to study for self-improvement
some work for degrees
which carry professional recognition
all may acquire skills that will aid them to qualify for better positions
with the company
other benefits generally enjoyed by employees include a five-day workweek
planned social and recreational activities
vacations with pay
and low-cost insurance programs combining group life
accident and health and hospitalization
the job opportunities are numerous
and there are places for unskilled beginners
as well as highly trained technicians and professional men
office work in life insurance as a career
offers many advantages
it is a growing business
a business founded on a basic need in human nature for protection and security
in life insurance
you are part of a service that contributes to the welfare of your
country
and your fellow citizens
you'll find satisfaction and security
if you select life insurance as
your life work