Legal Definitions - insurance underwriter

An insurance underwriter is a person who works for an insurance company and is responsible for deciding whether to provide insurance coverage to a person or organization and how much to charge for that coverage. They evaluate the risk of insuring someone or something and determine the appropriate premium to charge.

For example, if someone wants to insure their car, the insurance underwriter will look at factors such as the driver's age, driving record, and the type of car being insured to determine the likelihood of an accident occurring. Based on this evaluation, they will decide whether to provide coverage and how much to charge for it.

Another example is when a business wants to purchase liability insurance. The insurance underwriter will assess the risks associated with the business's operations and determine the appropriate coverage and premium.

Overall, insurance underwriters play a crucial role in the insurance industry by helping to manage risk and ensure that insurance companies are financially stable.