Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
A life insurance underwriter is a key part of the Life Insurance Company. The actuary, another person, sifts through mountains of data to determine the life expectancy of a “standard” risk based upon each possible age. The underwriter determines if the individual is “standard.” They take personal declarations and information given by the applicant. They review medical records provided by attending physicians. They look at driving records. They can order tests and background investigations.
If everything is “normal” the policy is likely to be issued “standard.” If the person is better than average, they might be “preferred.” If something makes the person more likely to experience early death they will be offered a “rated” policy. If they are too far from “standard” the underwriter is likely to decline them.
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If everything is “normal” the policy is likely to be issued “standard.” If the person is better than average, they might be “preferred.” If something makes the person more likely to experience early death they will be offered a “rated” policy. If they are too far from “standard” the underwriter is likely to decline them.