Every request for property-casualty insurance that crosses an underwriter’s desk is unique. If that were not the case, the job of underwriting would not exist, and each application could be processed mechanically, in assembly-line fashion. Because property-casualty insurance requests are unique, underwriters are vitally important to insurance companies. Underwriters are responsible for making good decisions about every application they receive, based on the facts about that particular risk.
This course details the many elements common to property-casualty underwriting for all types of risks.It is designed to impart essential underwriting skills to enable delegates to develop a solid understanding of how fundamental underwriting principles apply to their day-to-day responsibilities.
After completing this course, delegates will be able to:
- State the purpose of underwriting;
- Describe the underwriting process;
- Select the correct basic sources for acquiring particular types of underwriting information;
- Evaluate information both for usefulness and profitability of the risk;
- Identify potential hazards and propose techniques to control them;
- Select proper alternative underwriting actions in given situations, based on relevant underwriting criteria, and implement decisions;
- Apply techniques for monitoring and correcting decisions;
- Describe and apply in-force underwriting and reunderwriting;
- Determine loss ratios, expense ratios, and combined ratios;
- Identify limitations to the underwriting process; and
- Explain the concept of reinsurance.
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