Definition of «underwriting»

Underwriting refers to the process by which an insurance company assesses and calculates the risks associated with providing coverage for a particular individual or group. This involves evaluating various factors such as age, health status, occupation, hobbies, and lifestyle habits in order to determine whether or not to offer insurance and at what cost. The underwriting process can also involve verifying information provided by the applicant through background checks, medical exams, and other forms of investigation. Ultimately, underwriting is a critical step in determining the financial viability of offering insurance coverage to an individual or group.

Sentences with «underwriting»

  • The life insurance underwriting process for a term life policy can take months and the higher the amount of life insurance coverage requested, the longer that process may take. (term-life-online.com)
  • , you may be subject to medical underwriting by the insurance company. (medicaresupplement.com)
  • Lenders have struggled on how to deal with this phenomena in terms of underwriting guidelines for future credit. (joemetzler.com)
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