Understanding Insurance Underwriting


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Course Description

New York Course Approval Number: 274339

This course represents 7 Credit Hours of State Certified Continuing Education.

Understanding Insurance Underwriting

Insurance Underwriting is at the very core of the risk management process, yet it is often misunderstood by insurance customers and agents alike. While rates and premiums in large part determine the price a customer is charged for coverage, Underwriting is the process by which an insurance company makes the determination as to whether to accept or reject the risk. This determination can be based on just a few factors (such as age), or it can be a very involved process requiring the gathering and analysis of large volumes of information and criteria (Credit or CLUE Report). In some situations this process can be a manual review of the customer application, while others involve the use of complex software and outside services.

This course is designed to provide agents with an overview of the underwriting process as it applies to all types of insurance coverage. After completing this course, you will have a strong understanding of the Underwriting process and its role within the risk management process and public policy. You and your customers will benefit greatly from your ability to explain the basis for certain underwriting decisions, what factors were considered, and recommend actions they can take to improve their risk profile.

Course Objectives Include:

  • Factors and Functions of Underwriting
  • Underwriting Decisions
  • Establishing an Application File
  • Insurable Risk
  • Underwriting Resources
  • The Impacts of Legislation on Underwriting
  • Factors of Underwriting that Cannot Be Ignored