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Determining Policy Terms and Conditions

Selection and Pricing are intertwined with the third underwriting activity – determining policy terms and conditions. The insurer must decide what type of coverage it will provide to each applicant and then charge a premium appropriate to that coverage. Insurance Advisory Organizations develop policy forms using standard insurance wording. These policy forms are referred as standard forms that contains standardized policy wordings. Some insurers develop their own standard forms that they use in policies for their insureds.

Monitoring Underwriting Decisions

Underwriters periodically monitor the hazards, loss experience, and other conditions of specific insureds to determine whether any significant changes have occurred. Since underwriting decisions involve an assessment of loss potential, hazards and other conditions must be reviewed periodically.

Monitoring also applies to underwriting decisions on entire book of business. A book of business also called as portfolio can refer to all policies in a particular territory or to all policies providing a particular type of insurance business. A book of business can also refer to all policies of an insurance company or agency or as a whole.

CHAPTER 5 : UNDERWRITING

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