Life Underwriter
What Does Life Underwriter Mean?
A life underwriter acts as an intermediary between a life insurance company and an insurance agent, evaluating whether an applicant qualifies for acceptance. The role performed by an underwriter is called underwriting, which involves analyzing and assessing the risks associated with an insurance applicant. One of the underwriter’s key responsibilities is determining the amount of premium the applicant will need to pay.
Insuranceopedia Explains Life Underwriter
Life underwriters base their evaluation of an applicant’s risks on the information provided in the application form. Modern underwriting uses computer software to assess the level of risk for insurance applicants. If the standard evaluation is exceeded, the life underwriter may use additional methods, such as examining the applicant’s current medical condition, medical history, job functions, financial standing, and other factors, to establish a realistic level of risk. Often, a life insurance agent is mistakenly referred to as a life underwriter.
