What is commercial underwriting?

Answer

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.

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1 Additional Answer
Ask.com Answer for: what is commercial underwriting
What Is a Commercial Underwriter?
If you're a business owner who carries commercial insurance coverage to protect the assets of your enterprise, a commercial underwriter likely scrutinized your application for coverage. Underwriters fulfill an important risk management role for insurance... More »
Difficulty: Easy
Source: www.ehow.com
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