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Life Insurance Underwriting

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



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