GK
INSURANCE AWARENESS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A person who identifies, examines & classifies the degree of risk represented by a proposed insured in order to determine whether or not coverage should be provided and, if so, at what rate is called
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Underwriter
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Underwriting Risk
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Universal Life Insurance
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Unauthorized Reinsurance
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Explanation:
Detailed explanation-1: -Underwriting is the process by which an insurance company examines risk and determines whether the insurer will accept the risk or not, classifies those accepted and determines the appropriate rate for coverage provided.
Detailed explanation-2: -Natural wear and tear to an asset is not to be included in insurance.
Detailed explanation-3: -What is Risk? Definition of ‘risk’ in insurance is the “uncertainty of the occurrence of an event that can cause economic losses".
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