What does an Insurance Underwriter do?
Review individual applications for insurance to evaluate degree of risk involved and determine acceptance of applications.
- Examine documents to determine degree of risk from such factors as applicant financial standing and value and condition of property.
- Decline excessive risks.
- Write to field representatives, medical personnel, and others to obtain further information, quote rates, or explain company underwriting policies.
- Evaluate possibility of losses due to catastrophe or excessive insurance.
- Decrease value of policy when risk is substandard and specify applicable endorsements or apply rating to ensure safe profitable distribution of risks, using reference materials.
- Review company records to determine amount of insurance in force on single risk or group of closely related risks.
- Authorize reinsurance of policy when risk is high.