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Life Insurance Underwriting

Many people today have a small amount of company must be able to identify and
life insurance as a benefit of distinguish the risks each applicant
employment; however, it is seldom poses, assess these risks, charge the
sufficient to provide for total family appropriate premium to cover the risks,
protection, college education, or and invest wisely so that sufficient
business coverage in the event of moneys exist to pay all present and
premature death. future claims. Different groups of
To cover these financial needs people buy insured's with different life
individually underwritten life insurance expectations must be distinct based on
from the private market in different real differences in mortality
amounts and at different times throughout expectation.
their life. People seeking this Life expectancy varies by age, gender,
protection are free to choose when to medical and family histories, avocation,
buy, what to buy, and how much to pay for and lifestyle. Applicants for life
coverage. They can buy when they are insurance have different medical
young and healthy, or wait until middle histories and risk factors for future
age hoping their health will stay good, disease that affect life expectancy. Each
or they can buy at a higher premium if group of insurance underwriters is
they develop a chronic illness. charged a premium sufficient to cover
Based on their financial portfolio and costs associated wt its expected rate of
coverage needs, they can choose products death. The primary task of an underwriter
ranging from an inexpensive term is to assess life expectancy based on
insurance product to high cash value medical, occupational a vocational
(whole life) product. The private life factors significant to life expectancy.
insurance system provides an important It is vital that the insurer have a full
financial safety net, but it is entirely understanding, and particularly the same
voluntary and unsubsidized. An individual knowledge, as the applicant in order to
life insurance policy is, in effect, a assess accurately that risk equitably.
commercial transaction in which the Before offering coverage to an applicant,
insurer agrees to pay a specified death life insurers attempt to identify factors
benefit in exchange for payment of a that may shorten the person's usual life
premium proportional to the mortality expectancy at a given age. If
risk assumed by the insurer. identifiable risks exist, the underwriter
The one characteristic common to all uses actuarial and medical information to
individual life insurance products is calculate life expectancy and determine
transfer of the financial loss caused by an appropriate premium.
unexpected death to the life insurance There are many different types of life
company. The real product is payment of insurance products and their particular
the death benefit regardless of when that features play different roles in
death occurs during the lifetime of the determining the price of each one.
product. The death benefit for each Because life expectancy is defined as the
individual far exceeds annual and age at which half the insured's will have
cumulative premiums plus earnings for died, it's a moving target that increases
several years, particularly for young with the age of the individual at the
applicants. time of application.
To offer this financial protection, the




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