Transcription of Underwriting Principles and Controls Part I - BestEd
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Underwriting Principles and Controls Part I - BestEd
I Underwriting Principles and Controls Part I Table of Contents Chapter 1 Underwriting BACKGROUND AND OBJECTIVE 1 Underwriter s Goal 1 Underwriting Process 3 Historical Development of Underwriting 5 Traditional Underwriting Practices 5 Little Information Available 6 Rating Process Systematized 6 Underwriter Responsibilities 7 Potential for Conflict 8 Types of Underwriters 8 Line Underwriters 8 Providing Service to Producers and Policyholders 9 Staff Underwriters 9 Conducting Underwriting Audits 10 Evaluating Underwriting Experience 10 Formulating Underwriting Policy 11 Financial Capacity 11 Regulation 12 Personnel and Physical Resources 12 Reinsurance 12 Functions 12 Types of Reinsurance 13 Proportional and Non-Proportional Reinsurance 13 Proportional 14 Non-proportional 14 Risk Sharing 14 Retrocession 15 Broker vs.
what amount of insurance, at what price, and under what conditions. To make an underwriting decision, there are six steps: 1. Evaluating loss exposures- the gathering of information about an applicant’s loss exposures. There is a tradeoff between the need for information and the cost to obtain it. 2. Determining underwriting alternatives- 3.
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