Jargon Buster - Definition of Underwriting

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is the process conducted by insurance companies, whereby the applicant is assessed to determine and evaluate their level of risk. Underwriting often looks at medical conditions, occupation, hazardous pursuits and activities, abroad travel and existing policies. This information allow underwriters to determine if the applicant will be accepted for their desired policy and if so whether they represent a high risk to the company meaning that they are accepted with a higher premium, i.e. on special terms.

Different companies underwrite policies in different ways, some are more lenient towards certain medical conditions or hazardous activities. Some companies may increase premiums to cover certain medical conditions whilst some may just exclude them from your contract.

Please note that all definitions are intended for general guidance only. For official and current definitions you should always double check your policy wording.

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