ECONOMICS
INSURANCE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Producer
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Spouse
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Beneficiary
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Applicant
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Detailed explanation-1: -Underwriting simply means that your lender verifies your income, assets, debt and property details in order to issue final approval for your loan. An underwriter is a financial expert who takes a look at your finances and assesses how much risk a lender will take on if they decide to give you a loan.
Detailed explanation-2: -Underwriting is the process of assessing the amount of risk you present to a potential insurer. Professional underwriters review the criteria on your application to see if it’s possible to offer you a policy and, if so, how much coverage you’re eligible for. Then, they set your monthly premium based on the information.
Detailed explanation-3: -The first step in the underwriting process is evaluating the submission.
Detailed explanation-4: -Agent is known as primary underwriter.