Aug 03
What is underwriting and why do insurance companies underwrite?
After you’ve completed a life insurance application and medical, the insurance company will begin to evaluate your case. This evaluation is called “underwriting.” An “underwriter” will review your application and the results of your medical exam. Once all required information has been received, the insurance company will make a decision regarding whether, and at what rate, you qualify for the insurance.
The answers you give on your application form allow the insurer to assess whether you are a higher than average risk to them. The terms of your insurance cover and the price you pay will be based on the answers you give them.
More after the jump…
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