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A producer gathers information about the applicant, for the insurer, in order to avoid adverse selection.
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An Insurance Underwriter takes into consideration all the different aspects of the details provided by the applicant to ensure that the Insurance Cover available is suit…able for the applicant's needs and circumstances.
An underwriter is a person who works for the insurance company and who reviews applications for insurance to see if they meet the requirements of the insurance company and… also that they told the truth on their application. They also review the rating of the insurance product to be sure the policy is properly rated.
Computerized underwriting systems are usually not intuitive enough to make exceptions. Example: a man who is 5'10" 275lbs would automatically be considered at risk for h…eart disease, UNLESS he were a body builder. A computerized system is usually going to err on the side of caution and decline applications more than a human would.
Answer There are several different things that life insurance underwriters look for: 1) Current health (any diabetes, high blood pressure, recent heart attac…ks, etc) 2) Medications taken 3) Health history (such as cancer) 4) Age 5) Male/Female (women have been found to live about 8 years longer than men) 6) Tobacco user or not (NOT just smoker...tobacco of any kind) 7) Habits or hobbies (do you sky-dive, race, parasail...anything that may increase the chances of accidental death) 8) Alcohol history (have you had any DUI's or DWI's, usually doesn't count against you after a certain length of time, such as 5 years) All of these are taken into account and then compared to the mortality tables. Your rates are based off of the average life span of people with the same history as you.
It is the evaluation of risk as to your insurability. 4lifeguild
"Median annual earnings of wage and salary insurance underwriters were $52,350 in May 2006. The middle 50 percent earned between $40,000 and $71,070 a year. The lowest 1…0 percent earned less than $32,270, while the highest 10 percent earned more than $92,240. Median annual earnings of underwriters working with insurance carriers were $52,900, while underwriters' median annual earnings in agencies, brokerages, and other insurance related activities were $51,820." -U.S. Department of Labor, Bureau of Labor Statistics
Answer . To assess the risk of all applicants vis a vis the company's insuring guidelines.
Life insurance ratings are exta charges applied by underwriters to life insurance applications. They are applied due to i) adverse medical issues ii) occupational risks or iii…) residenial risks. Medical ratings are the most complex - basically they are an attempt to make sure that a person being covered is being charged a fair premium to reflect the risks that they present compared to the underlying assumption that an applicant is in excellent health (also referred to as a 'preferred life'. The most common rating is for obesity ... obese people present a higher risk of early heart disease, diabetes, kidney failure, cancer and stroke. Therefore extra life insurance charges are applied depnding on a customers BMI (body mass index) .... If your BMI exceeds about 32 ... get ready for the extra charge !!
Medical underwriting investigates your medical history and determines your eligibility for coverage. They enforce the guidelines established by the insurance company. Underwri…ting may also play an important role in determining the payment of claims. They can decline your ability to be covered by their policy, or they can place a "rider" on a condition meaning they would not cover anything having to do with a certain medical condition, but possibly cover the medication that is prescribed for the condition. For instance if you had back problems, they would not cover any future back problems but may cover your pain medication. They can also give you a "rate-up" meaning if you got a quote from an agent and the underwriters found a specific reason to increase your premiums, they would notify you that your original quote was going to be a given percentage higher because of a certain medical condition. For instance, height and weight restrictions could cause your rate to increase from the original quote. These guidlines vary between the companies.
They look at the individuals Health, smoking status, prescriptions, avocation, sports activities (racing kyaking, skydiving, etc), drug use, family history, amount of in…surance requested vs. the need and more.
Go on www.advocis.ca you can take you CLU, CFP or RHU online. http://www.advocis.ca/content/education/CLU.html
It depends primarily on which carrier, as well as the type of policy and benefit amount you are requesting. For instance, a $25,000 policy may not require much at all, whereas… a $1 million policy will require a medical exam, and possibly the acquisition of medical records from your physician.
Motor Vehicle Record. Insurance companies will pull your driving record to make sure you don't have a history of reckless behavior behind the wheel, which would make you a hig…her risk case.
Just contact some Insurance Companies of your choice that you are interested in doing business with. You will generally be contacting the agents marketing department for the c…ompany. Ask them about an agents appointment. The Insurance Company provides the underwriting services for their appointed agents. .
The underwriter aims to manages risk. He or she assess the customer on a risk profile for various products a financial financial service provider may offer.