BROADCASTS.com

b'

An Explanation of What is Needed to Obtain Insurance After Completing an  Application  

https://zalma.com/blog

The Underwriter  The person who makes the decision to insure or not insure a prospective  insured, in modern practice, is called an underwriter.  Unlike the  original underwriters at Lloyd\\u2019s the person with the title \\u201cunderwriter\\u201d  is usually an employee of an insurer who was employed to evaluate risks  the insurer employer is willing to take.  The agent or broker deals directly with the insurer\\u2019s underwriter or an  agent appointed by the insurer to act as its underwriter. The agent and  broker try to present the risk to the insurer and underwriter best  suited for the risk.  The underwriter is the risk taker. He or she decides whether the risk  presented by the broker or agent is the type of risk that the insurer is  willing to take. Each insurer has specialized underwriters who look at  risks differently and use their own criteria to evaluate them.  The Loss Prevention Engineer  If the risk the prospective insured proposes is large, he or she will  often be visited by a loss prevention engineer. This person, employed by  the insurer, is obligated to inspect the prospective insured\\u2019s real and  personal property and to interview him or her to ascertain that the  insured and the property meet the requirements the insurer insists upon  before it will accept a risk for insurance.  The Pre-Risk Inspection Service  If the risk is residential or a specialty type of business the insurer  will have it inspected by a specialized company called a \\u201cpre\\u2011risk  inspection service.\\u201d Its inspectors are often experienced claims  adjusters who understand the types of hazards faced by prospective  insureds and their prospective insurers. The pre\\u2011risk inspection service  seeks much the same information for the insurer as the loss prevention  engineer. In addition, it determines if there is any specialized  information needed by the insurer because of the type of risk.