Insurance Underwriter Duties
Being an underwriter your job is to determine the acceptability of insurance risks, based on the company’s guidelines and marketing policy. The Underwriter also reviews an agent’s application proposed on behalf of a client, assesses the information given, requests for further information if necessary, and settles on a price. Moreover, the Underwriter verifies that the risk is accurately classified and evaluates the company’s risk portfolio to determine that it is performing correctly.
Job Duties of an Insurance Underwriter
- You will have to review the various applications for insurance and compare them and then decide whether the applicant is in the border of risk.
- You need to evaluate the loss of potential in the future and also do a sensible pricing of the risks which are going to be insured.
- You will have to prepare quotation related to insurance for the insurance agents
- You will also have to help the agents in responding to queries about expected rates and the coverage involved in those rates.
- You can also decline a claim if you find that it is not possible to underwrite a certain insurance because either the rate is not suitable or it is not meeting the underwriter guidelines.