Insurance Underwriters Decide If Applications For Insurance Cover (risks) Should Be Accepted And If So, What The Terms Of That Acceptance Are. They Assess A Risk According To The Likelihood Of A Claim Being Made By Weighing Up A Number Of Factors And Asking For Detailed Information From Prospective Clients (policyholders). The Aim Is To Minimise Losses For Their Company And Help To Make A Profit.
Most Underwriters Specialise In One Type Of Insurance. The Main Types Of Insurance Are:
- reinsurance: Part Of The Risk Is Placed With Another Insurer.
- life Insurance/assurance: Covers Illness, Injury, Death;
- general Insurance: Covers Household, Pet, Motor, Travel;
- commercial Insurance: Covers Companies;
Insurance Underwriters Work Closely With Actuaries, Risk And Claims Managers To Ensure A Balance Between Attracting And Retaining Customers Through Competitive Insurance Premiums (fees) And Being Able To Cover Any Potential Losses From Claims.