Understanding Insurance Underwriting

Service Description

Proper insurance underwriting is a critical element in having a financially healthy insurance company able to fulfill the promises made in the insurance contract. The agent’s knowledge of a risk primarily comes from the applicant and what the agent observes. True underwriting takes place at the insurance carrier with a dedicated underwriter assessing and verifying the information received from the field agent on the application. Underwriters are responsible for proper assessment and pricing of the policy to be issued. Successful underwriting requires a system of risk selection to obtain a group in which loss results will be reasonably predictable by means of the law of averages. This is not the most exciting part of our business but is of critical importance. In this course we explore the world of the underwriter and the work they do for their carriers.