Q:

What is commercial underwriting?

A:

Commercial underwriting is a form of risk evaluation. Commercial underwriters collect and compile information from credible sources, such as medical files, researchers and field representatives, to evaluate, analyze and control risks associated with certain insurance policies.

Commercial underwriters analyze risk associated with conducting business for operations large and small. They make critical decisions concerning commercial properties and assess liability policy risk. Additionally, commercial underwriters help to predict losses and profits and determine the likelihood or probability of those events occurring. Companies hire commercial underwriters to help make important decisions to ensure that they will not suffer significant financial losses or lose strategic business relationships. Commercial underwriting also involves the inspection of liability policies and making decisions regarding losses, which is accomplished by using data about groups, individuals and companies showing trends over a period of years. In addition to these tasks, underwriters may also authorize reinsurance for risky business ventures and decide whether or not to provide insurance for certain projects, such as construction jobs and other potentially risky operations. Commercial underwriting often involves analyzing and evaluating credit scores and medical records to make sound decisions and offer credible advice. Some commercial underwriters specialize in certain areas within the insurance field, such as property or real estate insurance, health insurance, auto insurance and casualty insurance.

Sources:

  1. diplomaguide.com

Is this answer helpful?

Similar Questions

  • Q:

    What is the mortgage underwriting process?

    A:

    The mortgage underwriting process is the final, extensive review phase of a home loan application before a lender approves and funds a mortgage. The homeowner typically has little to no direct contact with underwriters as their reviews are performed behind the scenes.

    Full Answer >
    Filed Under:
  • Q:

    How do you write a letter of reconsideration?

    A:

    To write a letter of reconsideration, remind the recipient who you are, and state the reason for your letter. Reiterate your case, and make a request for reconsideration. Include an invitation to contact you for more information.

    Full Answer >
    Filed Under:
  • Q:

    How do you write a letter of voluntary demotion?

    A:

    Most importantly, an employee writing a voluntary demotion letter should provide a clear, truthful reason for requesting an alternative position within the same organization. The letter should also include a statement of thanks in which the employee shows appreciation for the opportunity he received through his current position.

    Full Answer >
    Filed Under:
  • Q:

    How do you write a discipline letter?

    A:

    To avoid misunderstandings and encourage compliance going forward, your employee or student discipline letter must be precise and straightforward. Follow the steps below to create a well-organized letter that effectively communicates with the recipient.

    Full Answer >
    Filed Under:

Explore