What is insurance warranty career level?

Insurance warranty career level is a measure of the risk of an accident in that career. The level of risk will determined the insurance premium and the extent of coverage. If it is a high-risk job, the insurance premium will be higher than the other career levels, and in some cases, the company may refuse to provide insurance coverage. There are 4 career levels, as follows:

 

Career level 1

A job that takes place in an office and does not involve the use of machinery or dangerous equipment is regarded as a low-risk occupation. Therefore, the insurance premium will be lower, and the scope of coverage will be better comparing to other career levels. Executives, doctors, nurses, company employees, and government officials are examples for this group.

 

Career level 2

This level of job work both inside and outside of the office. Therefore, the risk will be higher and will affect the cost of premium to be higher in some plans. This group of job requires expertise and skills including engineers, carpenters, small business owners, agents/brokers, etc.

 

Career level 3

A high-risk job, such as production, manual labor, work involving machinery, or work that requires working regularly away from the office. Some companies will pay a higher insurance premium or, in some cases, the company will not provide insurance coverage for these jobs such as sales, actors, journalists, tour guides, drivers, production, transportation, etc.

 

Career level 4

This type of job has the highest risk than any other job such as construction workers, stunt performers, securities/guards, document delivery staffs, extreme, sport athlete, etc. If these group of occupation want to apply for insurance, they must undertake research on high-risk insurance plans in which the cost of premium will be a lot higher comparing to the other job.