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Responsible for deciding if requests for insurance cover should be accepted by assessing, identifying and calculating the risk of loss for policyholders and the company. This is achieved by defining the terms and conditions of the cover, in line with establishing appropriate premium rates that should be paid in order to achieve the company's underwriting and profit objectives, and writing policies that cover these risks.
Insurance underwriters are divided into two main sectors - general and life - and the day-to-day activities of an insurance underwriter may vary slightly depending on the type of insurance coverage offered by the company. General insurance covers personal (auto, household etc), commercial (covers for businesses/organisations against damage to premises, injury to people at work etc) and re-insurancce (an insurance company insures a group of risks with other insurance companies).
Life insurance deals with pensions and life policies. Most underwriters specialise in one type of insurance such as auto, life or household. In some cases, underwriters may deal with less standardised risks, such as those associated with commercial properties, others may work more closely in conjunction with brokers and/or be involved in visiting customers and preparing quotes.
The list of day-to-day activities carried out by most insurance underwriters: assessing and gathering background information; studying various insurance proposals; calculating possible risk; calculating what individuals or organisations should pay for insurance; computing appropriate premiums using actuarial information & statistics; deciding clients' suitability for insurance cover.