An insurer wants to begin underwriting procedures for an applicant. What source will it consult for the majority of its underwriting information>
The application
The insurer will typically consult the applicant’s application form to gather the majority of its underwriting information. This application form would be filled out by the applicant and would typically contain relevant information such as personal information, medical history, occupation, lifestyle choices, and any other information pertinent to the risk profile of the applicant.
In addition to the application form, the insurer may also consult other sources for underwriting information. These may include medical records, credit history, driving record, and other public records. The insurer may also conduct interviews with the applicant or request additional information from relevant third parties, such as the applicant’s physician.
Overall, the insurer will use a combination of sources to verify the information provided by the applicant and assess the risk associated with providing coverage. The underwriting process is critical to ensuring that the insurer can accurately price the policy and manage risk appropriately.
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