A life underwriter assesses the risk of potential customers for insurance policies, reviewing applications and consulting with specialists. They use computer programs and must be knowledgeable about the insurance company’s policies to make a final decision on whether to accept, reject, or modify a policy.
A life underwriter is an employee of an insurance company who assesses the risk of potential customers and decides whether or not to grant a policy. This job requires the underwriter to review applications to fully understand a client’s medical history. Underwriters also often consult with specialists to get a complete picture of an applicant’s health and use complex computer programs to help with the life insurance evaluation process. An underwriter must also be an expert on the insurance company’s policies to accept, reject, or modify a proposed life insurance policy.
A life underwriter’s first duty is to collect and review claims for insurance coverage. This is a time-consuming process that involves carefully monitoring a candidate’s age, medical status, and work history. Underwriters frequently contact applicants for clarification if necessary. Life underwriters look for signs of risk in an application, such as poor health or dangerous occupations that could lead to early withdrawal of the policy.
If a question arises during the application review process, a life underwriter may require an expert consultation to get a more complete picture of an applicant’s risk. Calling in a medical professional is a common way to better understand a complicated medical history that an insurer is unsure about. The underwriter must take meticulous notes and add these comments to the applicant’s file. Other professional advisers, such as psychologists or specialists in specific jobs, may also be consulted.
Computer programs that help you assess risks are an important part of a life underwriter’s job. Modern insurance providers use sophisticated software to help make decisions. It is the subscriber’s responsibility to fully understand the best way to use these tools. It is important to enter risk factors such as age and medical factors. Knowing how to properly read the results and make a decision based on these factors is a critical function of the underwriting business.
A successful life underwriter knows the various policies of the life insurance company. This requires that policies be read and that the underwriter have an intimate knowledge of technology insurance terms and legal wording. This experience helps assess a candidate’s risk.
With all information collected and properly reviewed, a life underwriter must make a final decision. If an applicant does not present a risk of withdrawing a policy early, the application will be accepted. If the candidate has too great a risk, the policy will be rejected. In many cases, the underwriter makes changes to modify the policy to compromise the insurance decision.
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