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Insurance Underwriter Ohio

An insurance company's greatest asset is the insurance underwriter. They act as a buffer between a company and any financial loss. Their risk assessments form the basis of many of the company's financial decisions.

1. Local Companies

2. The Role of the Insurance Underwriter

3. Considerations Underwriters Use

4. Underwriter Tools of the Trade

5. Featured National Company

1. Local Companies

Johnson John C Clu Chfp III
(330) 364-2605
126 Northwood Dr
Dover, OH

O'neil Tom Ins Clu
(419) 337-6010
Wauseon, OH

Lloyd Jack R Clu
(937) 294-0348
285 Regency Ridge Dr
Washington Township, OH

Anderson Steven H Clu
(330) 668-6140
190 Montrose West Ave
Copley, OH

Gorkowski Forrest E Clu
(419) 475-9393
4841 Monroe St
Toledo, OH

Kimberly Howard L Clu Chfc
(614) 336-2938
9980 Brewster Ln
Powell, OH

Durham Ken Clu
(513) 677-9300
8093 Columbia Rd
Camp Dennison, OH

Bolanis Charles II Clu
(419) 531-3535
3450 W Central Ave
Toledo, OH

Ohio Assn of Health Underwriters
(614) 488-7009
1541 Essex Rd
Columbus, OH

Forest Malone Clu
(740) 354-7747
1801 Robinson Ave
Portsmouth, OH

2. The Role of the Insurance Underwriter

An insurance underwriter determines the acceptable amount of risk for any given insurance policy. By reviewing the background of any applicant, an insurance underwriter can determine if that applicant meets the necessary qualifications for coverage under an insurance policy. By using statistics based on mortality and morbidity rates, underwriters can determine a person’s likelihood of acquiring an illness, having an accident, or dying prematurely. These statistics are used to help underwriters keep the companies they represent profitable. By limiting a company’s exposure to financial loss, by examining risk on a case-by-case basis, a single underwriter can save a company millions of dollars a year. There are very few other careers where such massive responsibility is shouldered by so few.

Underwriters have the final say on whether an insurance policy is issued at the standard rate, or whether it receives a sub-standard rating for a higher premium. Insurance underwriters can also determine that an applicant does not meet the criteria and is an unacceptable risk. If an insurance underwriter makes this determination they can deny an applicant completely. Since insurance companies share much of their client information this denial of insurance can make it difficult, if not impossible for this person to get coverage from other companies in the future.

Underwriters must remain unbiased in their decisions and must remain consistent. If underwriters judge too harshly too often the company they represent may get a reputation for being unfair and overly critical of applicants. In this way, an insurance underwriter may cost a company more money than they save.

3. Considerations Underwriters Use

There are many factors that determine rates for prospective clients. Underwriters have to thoroughly examine the backgrounds of those interested in the policies they underwrite. For instance, underwriters in the life and health insurance fields must look at the applicant’s age, weight, occupation, mental health history, physical health history, family medical history, geographical location, and family status. These are important factors to use to determine an applicant’s mortality rate.

An insurance underwriter who deals in the property and casualty sector of insurance must look for other key factors that could make the applicant less profitable to the company. These underwriters must examine: the property location to determine if it is in a flood plain or other high risk area, the crime rate in that area to determine if loss is more likely, criminal history of applicants to determine if they are high risk, rental and ownership history to determine if the applicant is responsible, the frequency of claims in the past, and even whether or not the applicant has an aggressive breed dog. Examining these factors can either greatly increase or provide discounts on monthly premiums.

4. Underwriter Tools of the Trade

Throughout the course of their career, underwriters must use many tools in their jobs to help them learn more about those they are providing their services to. To assist them in their jobs, an insurance underwriter has a variety of tools at their disposal. These tools include computer software that gives access to driving records and claims records. This software will allow underwriters to enter an applicant’s information and will return a rate based on that information.

Before an insurance underwriter can put this software to use they must first do some legwork that will give them the information they need to input into this software. One of the first things underwriters use to do this part of their jobs is the applicants Medical Information Bureau (MIB) report. This report serves as a clearinghouse for insurance companies that store health related data such as underwriting denials, substandard issue rates, and the reasoning behind this. The MIB report is not used by all insurance companies; it is a completely optional membership. The MIB report can be requested by an applicant at any time.

Another tool used by the insurance underwriter is the mortality and morbidity rate table. The mortality table allows underwriters to determine if a person at a specific age and health is going to live long enough to pay enough premiums to be profitable to the company. Insurance companies do not want to write policies for someone who may pass away before their next birthday. The morbidity table is used to determine how likely it is that a person of a given age and history will be exposed to a disease or illness. Underwriters use this tool to track the number of diseases or illnesses throughout a given population.

5. Featured National Company

Sears Product Repair Services

781-390-2206
21 Pacella Park Drive
Randolph, MA
www.sears.com

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Insurance Underwriter Ohio

1. Local Companies

2. The Role of the Insurance Underwriter

3. Considerations Underwriters Use

4. Underwriter Tools of the Trade

5. Featured National Company