Presentation Questions
Underwriting is the process of assessing the potential _____ of providing coverage for individuals or property to determine the feasibility and cost of that coverage
Risks
True or False:
Personal line underwriting decisions are often made quickly using standardized guidelines, and is getting increasingly automated
True
When does the underwriting process FIRST begin? (who does it start with)
It starts with the agent
True or False:
Middle Market Commercial and Specialty underwriting often involves working closely with agents and brokers
True
True or False:
Underwriters are solely responsible for determining the price of an insurance plan
False:
Actuaries develop pricing models and rate guidelines using statistical analysis, and underwriters apply these guidelines and assess individual risk factors to determine the final premium for a specific applicant.
True or False:
Portfolio Underwriting is done on a policy-by-policy basis
False
Name 5 factors that underwriters would consider when analyzing an auto insurance application
Driver age/years experience, driving history, car model/size/condition, claims history, environment/location, driving frequency, grades, number of members on plan, gender, parking situation, etc
Based on the video, in what type of insurance is an underwriter most likely to examine 20-40 plans per day, taking a very transactional approach?
Personal, Small Commercial, Middle Market Commercial, or Specialty?
Small Commercial
Can anyone name one of the certifications an underwriter could obtain to advance their career?
Chartered Property/Casualty Underwriter (CPCU)
Associate in Personal Insurance (API)
Associate in Commercial Underwriting (AU)
What type of skills may be particularly important in portfolio underwriting moving forward?
Communication, Analytic, Negotiation, or Computer skills?
Analytic Skills