Category
Underwriting & Risk
10 terms explained in plain English, with Indian context.
- Adverse SelectionAdverse selection is the statistical tendency of people who know they are at higher-than-average risk to buy more insurance, and at highe...
- Decline (Underwriting Decline)An underwriting decline is the insurer's decision to refuse to issue a policy after medical, financial, or lifestyle assessment, on the g...
- Financial UnderwritingFinancial Underwriting is the assessment of an applicant's financial profile by an insurer to verify that the requested sum assured is co...
- Insurable InterestInsurable interest is the legal and economic relationship a policyholder must have with the subject matter of insurance such that they st...
- Loading (Premium Loading)Premium loading is an extra charge added by the insurer to the standard premium when underwriting reveals a higher-than-average risk prof...
- Medical UnderwritingMedical Underwriting is the assessment of an applicant's health risk by an insurer based on medical evidence — proposal form declarations...
- Moral HazardMoral hazard is the risk that a person behaves more carelessly or dishonestly after being insured, because the financial consequences of ...
- Proposal FormA proposal form is the application document a buyer fills out when applying for an insurance policy, and it is the legal foundation of th...
- Tele-underwritingTele-underwriting is a remote underwriting process in which the insurer's underwriter, a qualified medical professional, or a trained tel...
- UnderwritingUnderwriting is the process by which an insurer evaluates an applicant and decides whether to accept the risk, at what premium, and with ...