Who is the primary underwriter in insurance?

Applying for a life insurance policy is easy, especially when applied for online, it may take only a few minutes. Once you have given your basic details and provided necessary information, your insurance application is then sent for the underwriting process. This process determines if you can get coverage, how much coverage can be approved for you, and at what cost. The underwriter, the person who evaluates your application, works on behalf of or for the life insurance company to look at your health and financial information to figure out if you are eligible to receive the rate you were originally quoted.

Underwriters use underwriting guidelines based on mortality statistics that are calculated by actuaries. All insurance products involve some degree of underwriting. For life insurance, the underwriter looks at data like your health and medical history as well as lifestyle information like your hobbies and financial ability.

Two Parts of Life Insurance Underwriting

There are broadly two parts to underwriting:

1) Financial Underwriting

It helps the underwriter to make sure the amount you’re purchasing is in line with your family’s and your needs.

2) Medical Underwriting

Here, the underwriters determine how much of a risk you are to insure by evaluating factors that may affect your mortality.

What is Underwriting in Life Insurance?

Underwriting is a term used to describe the consideration given to a life insurance application, to determine whether a policy applied for should be issued or there are changes to be made depending on the person’s risk profile.

The process helps in the selection of risks for the insurance company involved in issuance of an insurance policy to the person in question.

Read more about the eligibility to buy a life insurance policy.

Underwriters are the risk managers of the organization. They help the organization to keep actual experience within the mortality assumption used in calculating the premium rates, which helps the company to offer insurance cover at competitive terms, maintain equity between policyholders, and offer cover to as wide a group of lives as possible.

Life Insurance Underwriting Process

The most important underwriting tools include the Proposal Form, Age Proof, Income Documents, Questionnaires Sales Report and a Client Confidential Report (CCR). These tools are used to implement the following process:

Step 1: Application Quality Check

Your application is first gone through to make sure the information provided is complete and correct. Therefore, it is important you fill your proposal form carefully and completely. Unless the missing information is related to your medical history, a minor change required in an application does not typically slow down the underwriting process. After this, your application goes into the official underwriting process. Each of the following checks can increase the turnaround time, but it is worth it to get you the right premium price you will need to pay over the policy term.

Step2: Medical Examination

This step involves looking thoroughly at the results of your paramedical exam, conducted only if required for health proof. This medical test is a simple checkup with the doctor recommended by the insurance company. After the medical examination, the results are sent to the underwriter for evaluation. The information used by the underwriter is mainly of three types – basic measurements, your blood test and drug test. Basic measurements include regular metrics like height, weight, blood pressure. Blood test can get a lot of information on potential health risks such as heart disease, stroke, diabetes, and blood-borne illnesses, among others. Finally, a urine test for a full drug panel will alert the underwriter to the use of drugs, smoking and alcohol consumption.

Step 3: Final Application Rating

Once the underwriting process is complete and all your medical and financial background have been checked, you are either made a counter offer suggesting the changes basis you policy evaluation, or you are proudly offered the life insurance policy. Depending upon your acceptance or rejection of the new policy term, your policy is then issued. The whole process can take anywhere between three to eight weeks. After this, all that’s left to be done is to confirm the premium rate, sign the policy to put it in force to keep your family protected.

While not every applicant will require a detailed medical examination, underwriters may sometimes request an inspection report, or independent information on the applicant's financial situation and lifestyle. The premium that you have to pay for your life insurance policy depends majorly on this evaluation done basis factors like your age, your medical history, gender, lifestyle, and job. However, you must remember that a life insurance policy should not be bought on the basis of lower premiums. While term insurance plans are usually known to have the lowest premiums, you can choose an insurance provider that offers a relatively higher implied investment return, a high death benefit and relatively lower surrender charges, along with a high claim settlement ratio.

• Company Underwriter has the meaning set forth in Section 4(a) of this Agreement.

• IPO Underwriter means each Person named as an underwriter in Schedule I to the IPO Underwriting Agreement who purchases Common Units pursuant thereto.

• Qualified Independent Underwriter means a “qualified independent underwriter” within the meaning of FINRA Rule 5121.

• Underwriter means a securities dealer who purchases any Registrable Securities as principal in an Underwritten Offering and not as part of such dealer’s market-making activities.

• Participating Underwriter means any of the original underwriters of the Bonds required to comply with the Rule in connection with offering of the Bonds.

• Credit Underwriter means the independent contractor under contract with the Corporation having the responsibility for providing Credit Underwriting services.

• Approved Underwriter has the meaning set forth in Section 3(f) of this Agreement.

• Managing Underwriter means, with respect to any Underwritten Offering, the book-running lead manager of such Underwritten Offering.

• Principal Underwriter shall have the meanings given them in the 1940 Act.

• Shelf Underwritten Offering shall have the meaning given in subsection 2.1.3.

• Managing Underwriters means the investment banker or investment bankers and manager or managers that shall administer an underwritten offering.

• Piggy-Back Registration is defined in Section 2.2.1.

• Piggyback Registration shall have the meaning given in subsection 2.2.1.

• Underwritten Takedown has the meaning set forth in Section 2(d)(ii).

• Underwriter Group shall have the meaning set forth in Section 9.2(b) hereof.

• Underwriters includes the Representative(s), the Manager, and the Co-Managers. “Firm Securities” means the number or amount of Securities that the several Underwriters are initially committed to purchase under the Underwriting Agreement (which may be expressed as a percentage of an aggregate number or amount of Securities to be purchased by the Underwriters, as in the case of a standby Underwriting Agreement). “Additional Securities” means the Securities, if any, that the several Underwriters have an option to purchase under the Underwriting Agreement to cover sales of shares in excess of the number of Firm Securities. The number, amount, or percentage of Firm Securities set forth opposite each Underwriter’s name in the Underwriting Agreement plus any additional Firm Securities which such Underwriter has made a commitment to purchase, irrespective of whether such Underwriter actually purchases or sells such number, amount, or percentage of Securities under the Underwriting Agreement or Article XI hereof, is hereinafter referred to as the “Original Underwriting Obligation” of such Underwriter, and the ratio which such Original Underwriting Obligation bears to the total of all Firm Securities set forth in the Underwriting Agreement (or, in the case of a standby Underwriting Agreement, to 100%) is hereinafter referred to as the “Underwriting Percentage” of such Underwriter. For the avoidance of doubt, each Underwriter acknowledges and agrees that, for all purposes under this Agreement and otherwise (including, to the extent applicable, for purposes of Section 11(e) under the U.S. Securities Act of 1933 (the “1933 Act”)), each Underwriter’s Underwriting Percentage of the total number, amount, or percentage of Securities offered and sold in the Offering (including any Additional Securities), and only such number, amount, or percentage, constitutes the securities underwritten by such Underwriter and distributed to investors. 1 References herein to laws, statutory and regulatory sections, rules, regulations, forms, and interpretive materials will be deemed to include any successor provisions.

• Marketed Underwritten Offering means any Underwritten Offering (including a Marketed Underwritten Shelf Take-Down, but, for the avoidance of doubt, not including any Shelf Take-Down that is not a Marketed Underwritten Shelf Take-Down) that involves a customary “road show” (including an “electronic road show”) or other substantial marketing effort by the Company and the underwriters over a period of at least 48 hours.

• ERISA-Qualifying Underwriting A best efforts or firm commitment underwriting or private placement that meets the requirements of an Underwriter’s Exemption.

• Pending Underwritten Offering means, with respect to any Holder forfeiting its rights pursuant to this Section 4.5(l), any underwritten offering of Registrable Securities in which such Holder has advised the Company of its intent to register its Registrable Securities either pursuant to Section 4.5(a)(ii) or 4.5(a)(iv) prior to the date of such Holder’s forfeiture.

• Underwritten Offering means a Registration in which securities of the Company are sold to an Underwriter in a firm commitment underwriting for distribution to the public.

• Underwrite means the authority to accept or reject risk on behalf of the insurer.

• subsidiary undertaking means a subsidiary undertaking (within the meaning of the 2006 Act) of the Company; and Group and Group Undertaking and references to any company which becomes a Group Undertaking or to companies comprising the Group shall, in such a case, be construed so as to include subsidiary undertakings and equity share capital shall be construed in relation to a subsidiary undertaking without a share capital in the same manner as shares are defined in relation to an undertaking without a share capital under section 1161(2) of the 2006 Act.

• Majority Participating Holders means Participating Holders holding more than 50% of the Registrable Securities proposed to be included in any offering of Registrable Securities by such Participating Holders pursuant to Section 2.1 or Section 2.2.

• statutory undertaker means any person falling within section 127(8), 128(5) or 129(2) of the 2008 Act;

• Loan processor or underwriter means an individual who performs clerical or support duties as an employee at the direction of and subject to the supervision and instruction of a person licensed, or exempt from licensing, under this chapter.

• Marketed Underwritten Shelf Take-Down has the meaning set forth in Section 2.4(b).

Primary Underwriter or its respective affiliates from acting as an underwriter for any other persons (including other registered investment companies or other investment managers).","No provision of this Agreement shall be considered as creating, nor shall any provision create, any obligation on the part of any Primary Underwriter, and the Primary Underwriters are not hereby agreeing, to: (i) furnish any advice or make any recommendations regarding the purchase or sale of portfolio securities or (ii) render any opinions, valuations or recommendations of any kind to perform any such similar services.","No claim may be commenced, prosecuted or continued in any court other than the courts of the State of New York located in the City and County of New York or in the United States District Court for the Southern District of New York, which courts shall have exclusive jurisdiction over the adjudication of such matters, and the Adviser and each Primary Underwriter consents to the jurisdiction of such courts and personal service with respect thereto.","In exchange for the Additional Compensation, each Primary Underwriter will provide to the Adviser certain after-market shareholder support services on an ongoing basis designed to maintain the visibility of the Fund in the investor community and will provide relevant information, studies or reports regarding the Fund and the closed-end investment company industry.","Each Primary Underwriter and the Adviser waives all right to trial by jury in any proceeding (whether based upon contract, tort or otherwise) in any way arising out of or relating to this Agreement.","The Adviser and each Primary Underwriter agree that a final judgment in any proceeding or counterclaim brought in any such court shall be conclusive and binding upon the Adviser and each such Primary Underwriter and may be enforced in any other courts to the jurisdiction of which the Adviser and each Primary Underwriter is or may be subject, by suit upon such judgment.","In addition, nothing in this Agreement shall be construed to constitute any Primary Underwriter as the agent or employee of the Adviser or the Adviser as the agent or employee of any Primary Underwriter and none of the parties hereto shall make any representation to the contrary.","University Chief of Police means:Edwin Lashley East Campus Complex 166410-543-6222 or on campus ext.","At the time of each payment of Additional Compensation hereunder, the Adviser shall deliver to each Primary Underwriter receiving an installment of Additional Compensation a statement indicating the amount of Managed Assets on which such payment was based.","WM Partner shall not be entitled to include a class of Parent Company shares in a registration which is not being sold by the Primary Seller if the Primary Underwriter concludes that inclusion of Parent Company Shares from a class not being sold by the Primary Seller would materially complicate or could materially delay the distribution (unless other Secondary Sellers are being allowed to include Parent Company Shares of such class)."],"id":"primary-underwriter","title":"Primary Underwriter"},"groups":[{"samples":[{"uri":"/contracts/daxxGL2Fx1q#primary-underwriter","label":"Securities Purchase Agreement (DSW Inc.)","score":21}],"snippetLinks":[{"key":"transactional","type":"clause","offset":[13,26]},{"key":"llc","type":"clause","offset":[28,31]},{"key":"capacity","type":"clause","offset":[40,48]},{"key":"the-primary","type":"clause","offset":[52,63]},{"key":"underwriter","type":"clause","offset":[64,75]},{"key":"rw-insurance-policy","type":"clause","offset":[83,103]}],"size":1,"snippet":"means Euclid Transactional, LLC, in its capacity as the primary underwriter of the R&W Insurance Policy.","hash":"0cbaf7aa6a3c0261f618ad28925b2b91","id":1}],"nextCurs":""}} id=pagination-first-page>