Underwriting Explained (With Examples) | Insurance Definitions скачать в хорошем качестве

Underwriting Explained (With Examples) | Insurance Definitions

Learn the definition of underwriting for insurance companies, including examples of what the underwriting department does. HELPFUL LINKS ► Underwriting definition: https://www.squareone.ca/resource-cen... ► Calculating home insurance premiums: https://www.squareone.ca/resource-cen... ► Calculating car insurance premiums: https://www.squareone.ca/resource-cen... RELATED INSURANCE VIDEOS ► Liability explained (with examples):    • Liability Explained (With Examples) | Insu...   ► Tenant insurance vs. landlord insurance:    • Tenant Insurance Vs Landlord Insurance: Wh...   ► What is a home insurance deductible?:    • What is a Home Insurance Deductible?   ► Home insurance and acts of God:    • Will Home Insurance Cover Landslides or Ot...   SUBSCRIBE FOR MORE HOME-RELATED VIDEOS ► Subscribe to Square One's channel and receive notifications for the latest interior design, home and insurance-related video: http://bit.ly/SubscribeSQ1 ---------------------------------------------------- ABOUT SQUARE ONE Square One is an insurance agency that offers online home and car insurance. By eliminating all unnecessary complexities built into traditional policies, and offering customers a way to get a quote and buy online, Square One makes it easy and convenient for people to personalize their insurance to meet their exact needs. Square One offers home insurance in BC, Alberta, Saskatchewan, Manitoba, Ontario, and Quebec. Car insurance is offered in Ontario and Quebec. GET AN ONLINE INSURANCE QUOTE Get a free home insurance quote from $12/month or a car insurance quote from $120/month (Ontario) or $67/month (Quebec) and buy online in less than 5 minutes ► https://www.squareone.ca CONNECT WITH US ON SOCIAL Facebook ► http://bit.ly/FacebookSQ1 Twitter ► http://bit.ly/TwitterSQ1 Instagram ► https://bit.ly/InstagramSQ1 ---------------------------------------------------- Underwriting is, by definition, a process wherein someone agrees to take on a financial risk in exchange for a fee — a key function of insurance companies. Each time an insurance company sells a policy, it means they’ve agreed to accept the risk associated with that policy. The underwriting department determines which types of risks are acceptable, and how much the company needs to charge to cover the costs associated with those risks. In home insurance, the underwriting department develops guidelines that set out what types of homes are ideal, and which might be too risky. If an applicant’s home is almost acceptable, the underwriters will review the application and consider how they might meet that applicant’s needs. In exceptionally risky cases, the underwriter may choose to decline the application outright. As an example of underwriting, we look at a home located on a floodplain—exceedingly challenging to insure. An underwriter sees that the home otherwise meets their guidelines, and so devises a compromise wherein the insured’s deductible is increased for flood-related losses, and agrees to insure the home. 00:00 Intro + definition 01:22 Example: underwriting guidelines 02:31 Example: reviewing applications #InsuranceUnderwriting #HomeInsurance #InsuranceTips