NAICS Code 524113-03 - Life Insurance (Underwriters)
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NAICS Code 524113-03 Description (8-Digit)
Hierarchy Navigation for NAICS Code 524113-03
Parent Code (less specific)
Tools
Tools commonly used in the Life Insurance (Underwriters) industry for day-to-day tasks and operations.
- Actuarial tables
- Statistical software
- Risk assessment models
- Underwriting guidelines
- Medical underwriting manuals
- Mortality tables
- Financial analysis software
- Life expectancy calculators
- Premium calculators
- Underwriting manuals
Industry Examples of Life Insurance (Underwriters)
Common products and services typical of NAICS Code 524113-03, illustrating the main business activities and contributions to the market.
- Term life insurance
- Whole life insurance
- Universal life insurance
- Variable life insurance
- Group life insurance
- Key person life insurance
- Mortgage life insurance
- Final expense life insurance
- Juvenile life insurance
- Survivorship life insurance
Certifications, Compliance and Licenses for NAICS Code 524113-03 - Life Insurance (Underwriters)
The specific certifications, permits, licenses, and regulatory compliance requirements within the United States for this industry.
- Chartered Life Underwriter (CLU): A professional designation for individuals who specialize in life insurance and estate planning. The designation is awarded by the American College of Financial Services. The CLU designation requires the completion of eight courses and adherence to a code of ethics.
- Life and Health Insurance License: A license required by all states for individuals who sell life insurance policies. The license is issued by the state's insurance department after the completion of pre-licensing education and passing a state-administered exam.
- Series 6 License: A license required by the Financial Industry Regulatory Authority (FINRA) for individuals who sell mutual funds and variable annuities. The license requires the completion of a FINRA-administered exam.
- Series 63 License: A license required by FINRA for individuals who solicit orders for any type of security in a particular state. The license requires the completion of a FINRA-administered exam.
- Series 65 License: A license required by FINRA for individuals who provide investment advice or manage portfolios for clients. The license requires the completion of a FINRA-administered exam.
History
A concise historical narrative of NAICS Code 524113-03 covering global milestones and recent developments within the United States.
- The life insurance industry has a long history dating back to ancient Rome, where burial clubs were formed to help families cover funeral expenses. In the 18th century, the first life insurance company was established in London, and by the 19th century, the industry had spread to the United States. In the early 20th century, the industry experienced significant growth due to advances in medical technology and increased life expectancy. In recent years, the industry has faced challenges such as increased competition from other financial services and changing consumer preferences. In the United States, the industry has also been impacted by regulatory changes and economic fluctuations.
Future Outlook for Life Insurance (Underwriters)
The anticipated future trajectory of the NAICS 524113-03 industry in the USA, offering insights into potential trends, innovations, and challenges expected to shape its landscape.
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Growth Prediction: Stable
The life insurance (underwriters) industry in the USA is expected to experience steady growth in the coming years. The industry is expected to benefit from the aging population, which will increase the demand for life insurance products. Additionally, the industry is expected to benefit from the growing popularity of digital channels, which will make it easier for consumers to purchase life insurance policies. However, the industry is also expected to face challenges, such as increased competition from other insurance providers and regulatory changes. Overall, the industry is expected to remain stable and continue to provide valuable services to consumers in the USA.
Industry Innovations for NAICS Code 524113-03
Recent groundbreaking advancements and milestones in the Life Insurance (Underwriters) industry, reflecting notable innovations that have reshaped its landscape.
- Artificial intelligence (AI) and machine learning are being used to improve underwriting processes, allowing insurers to more accurately assess risk and offer more personalized policies.
- Insurtech companies are disrupting the industry by offering innovative products and services, such as usage-based insurance and peer-to-peer insurance.
- The use of wearables and other health monitoring devices is allowing insurers to offer more personalized policies based on an individual's health and lifestyle.
- The industry is increasingly using blockchain technology to improve transparency and security in the underwriting process.
- Insurers are partnering with technology companies to offer digital platforms that make it easier for consumers to purchase and manage life insurance policies.
NAICS Code 524113-03 - Life Insurance (Underwriters)
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