0
What else can I help you with?
What is the main responsibility of the underwriting department of a life insurance company?
To assess the risk of all applicants vis a vis the company's insuring guidelines.
What are the underwriting considerations in insurance?
In general, underwriting involves the assessment of risks. Insurance companies have "underwriting guidelines" that define the metes and bounds of the risks they are willing to accept. Those metes and bounds are defined, in turn, by the type of insurance that the insurer issues. That is, the underwriting considerations for a life insurance company involve factors such as age and health, whereas underwriting considerations for an insurer that issues automobile physical damage coverage involves considerations such as make and model of the auto, where the auto is principally kept, number of miles driven, and driving history. The totality of the underwriting factors, in part, determine the premium that the insurer will charge for the insurance.
Is vaping considered smoking pertaining to insurance?
Whether or not it is will be set forth in the underwriting guidelines of the insurer. The underwriting guidelines set forth the meter and bounds of the risks that the insurer is willing to assume. If the insurer does consider it to be smoking, there should be a reference to it on the application for the policy that you answer and sign. You are obliged to answer the questions honestly, but you are not required to volunteer information that is not asked.
What are the advantages of a decentralized underwriting department?
None
What is field underwriting in life insurance?
A producer gathers information about the applicant, for the insurer, in order to avoid adverse selection.
Can you add someone to car insurance?
Yes, an additional person may be added. However, that person has to be a licensed driver and must meet the underwriting guidelines of the insurer. Underwriting guidelines are those criteria that the insurer imposes upon prospective risks before it will undertake the risk of loss. Further, an additional premium will normally be charged for the additional person in return for the insurer assuming the additional risk.
What does MGA stand for in insurance terms?
A Managing General Agent is a special type of insurance broker that is given underwriting authority from an insurer.
Is it illegal to decline home insurance quote?
No, an insurance policy quoted by an agent initially then goes to the underwriting department which reviews it and accepts it. If the underwriting department does not want to accept it due to losses, etc, then they don't have to and will decline it.
Why must I carry my step daughter as a rated driver on my insurance when she does't live here and her mother provides a car and insurance?
The answer is not clear from your question. If she does not reside with you and you do not permit her to utilize any car that you insure, the fact that she is your step-daughter should not, in and of itself, create that requirement. Obtaining the answer is the proper role of your insurance agent, who should be advocating for you. It may be a function of the underwriting requirements of the insurer, but the reasoning is not apparent. Your insurance agent should have direct access to the underwriting department of the insurer for salient information. Be sure that when the insurance application was completed, your step-daughter was not shown to have a connection with you or the insured vehicle such that the insurer had reason to think that she may, in the future, have access to the car.
If my Loan application has been accepted by the underwriting department have i got the loan?
If the loan application has been accepted by the underwriting department, it usually means you have been approved for a loan. Until the paperwork is signed, a loan offer is not final.
What is the normal wait time before a life insurance policy takes effect?
Typically, once the application is completed and an initial premium is paid, the application is sent to "underwriting". That is the department within the insurer that decides whether the characteristics, physical attributes, health history, and other factors present a risk that the insurance company wishes to assume, and for what premium. When the application is taken, the proposed insured is generally given a "binder". This is essentially a policy of temporary insurance which stays in force until the underwriting process has been completed (normally about 30 days). If the insurer decides to issue a policy, the agent is typically notified, sent a copy of the policy and he/she delivers it to the insured. As indicated, all of this normally occurs within about 30 days barring further investigation that the insurer may have to do during the underwriting process.
What is the process whereby an insurer reviews applications submitted for insurance coverage and decides whether to accept or reject all or part of the coverage requested?
underwriting
