Insurance underwriting refers to the process that an insurance company judges and classifies insurable risks on the basis of fully grasping and verifying the information of the subject matter insured, and then decides whether to underwrite and under what conditions.
The main purpose of underwriting is to identify the risk degree of the subject matter insured, classify the subject matter insured accordingly, underwrite according to different standards, and formulate insurance rates, thus ensuring the quality of underwriting business.
The quality of underwriting is directly related to the smooth performance of insurance contracts, underwriting profits and losses and the financial stability of insurance companies.
Therefore, strict and standardized underwriting work is an important symbol to measure the management level of insurance companies.
Further reading: How to buy insurance, which is good, and teach you how to avoid these "pits" of insurance.