insurance

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An insurance company is a form of business that is set up to protect businesses, entities, and individuals from a potential loss. The sole purpose of an insurance company is to compensate the insured during the time of catastrophe, injury or loss. Underwriting plays a vital role in the decision making in deciding who the insurance company will provide coverage for. The factors that commercial underwriters have to consider will differ depending on the type of coverage that an individual requests.
Upon the request of acquiring coverage, the first thing that an underwriter must consider is if the risk is an appetite that the company would like to entertain and will it make the business a profitable return. Although most underwriting duties are on the job training, a seasoned underwriter can review an application and instantly know if the risk should be accepted or declined. An experienced underwriter also acts as a detective to protect the firm and its clients from any suspicious fraud. A commercial underwriter should be able to make quick decisions and be able to communicate this information thoroughly either verbally or in written form.
In some cases, prior to the underwriter agreeing to issue a policy an inspection of the property must first be completed. This assessment is done to insure that the property is in excellent condition in case the property has to be used as collateral or to make sure that the value that is being insured is substantial to what the policy provides. A business with lots of machinery and permanently attached equipment is also surveyed to make sure that it is functional and operates according to its intended purposes. An underwriter has to evaluate and take all matters into account when insu...

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...nce company will have to encounter. The overwhelming number of fraudulent disability claims is crippling to an organization which causes their rates to increase excessively and creating large premiums for their clients. If a commercial underwriter suspects something suspicious on the policy, they will immediately consult someone from the loss department and have them investigate.
A waiver of subrogation on an insurance policy is when the insured or client of the insurance company gives over to the insurance company it’s right to recover from another party damages it may have had to pay in response to coverage (http://www.workcompconsultant.com/blog/posts/are-workers-compensation-waivers-of-subrogation-allowed/). A commercial underwriter must be sure that form (WC000313) is applied to the policy otherwise the insurance company will be negligent for all losses.

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