Underwriter Job Description
- Determine if a potential client’s risk factors will allow a company to insure him or her.
- Handle policy applications from both companies and individuals.
- Green light or decline insurance coverage based on findings.
- Use special software to analyze the information provided in the applications to verify the probability of a loss for their company.
- Compare applications with similar policies and consult actuarial studies to determine their company's record of losses.
- Establish terms of the coverage.
- Review all information in client's application for accuracy and completeness.
- Ensure file is complete.
- Assess client's income and expenses, including bank accounts, financial statements, and pay stubs.
- Determine client's willingness and ability to repay loan.
- Assist in appraising property to determine amount of loan related to property worth.
- Handle life insurance and health insurance if applicable.
- Calculate risks based on individual or group information to determine premiums necessary for coverage.
- Require that certain conditions are met to insure a client or facility
- Handle rate negotiation with clients or insurance broker.
- Write policies.
- Evaluate the insurance application in relation to the company's underwriting standards.
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