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Underwriting department
The
department in a life and health insurance company
that selects the risks that the company will insure.
The underwriting department tries to make sure that
the actual mortality or morbidity rates of the company's
insureds do not exceed the rates assumed when premium
rates were calculated. The underwriter considers
an applicant's age, weight, physical condition,
personal and family medical history, occupation,
financial resources, and other selection factors
to determine the degree of risk represented by the
proposed insured. This department also participates
in the negotiation and management of reinsurance
agreements, through which an insurance company transfers
some or all of an insurance risk to another insurance
company. |
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