Insurance Underwriting is one the important function of insurance company. Insurance underwriting where underwriters scrutinizes, analyses insurance proposals and determines the risk.

Underwriting is the primary function which has to perform by every insurance company to reduce the risk exposure. Insurance underwriter who decides whether to accept proposal or to reject based on provided information.

Insurance underwriting where they analyze the proposals evaluates the risk and accordingly decides about the terms and conditions of Insurance Contract. Underwriting helps insurance companies to classify the risk such as Standard Risk, Sub Standard Risk as per the risk which each proposal carries.

Let say a person applies for Health Insurance. In that case insurance underwriter will scrutinize his proposal with different ways such as scrutiny of proposal form, medical test, will ask for past claim records etc.

The scrutiny of Insurance proposals helps underwriters to calculate the risk. Once the underwriter calculates the risk accordingly he can decide terms and conditions of Insurance policy.

Insurance underwriter who decides premium rates according to the risk which proposal carries. If health condition is normal then underwriter will charge normal premium rate. If proposal carrying high risk then underwriter charge high premium rate or may restrict insurance cover by providing limited liability under the policy.

In case Health Insurance or Life Insurance underwriters looks for the factors such as age, height, weight, medical condition, marital status, annual income, source of income, past claim history etc.

Underwriting factors differs as per different kind of insurance such as fire, marine, liability, motor etc. For example in case of motor insurance underwriter will ask for the details of car, driver.

Therefore it is always better if you have knowledge of insurance which you going to buy. This will give you idea about details which insurance underwriter will from you and will help you to be prepared..

To understand the nuances of different types of policies and its price, feel free to seek the help of InsuranceMall to select the right products based on your need. Or you can directly call them on +91-22-30503050

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