Underwriting Support Products and Services
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During the underwriting process, it is usual to check some number of factors about the person or property being insured. Such factors can relate to either or both the insured and the item for which insurance is being placed. For life insurance such factors could relate to medical condition and lifestyle. For an automobile it could include the physical condition of the vehicle, its current market value, and its ownership. For a residence such factors could include natural hazards - flood plain, earthquake zone - the replacement cost and location, as in a low or high crime area. For commercial properties, such factors as replacement cost, use of the property, value of raw materials and finished goods on site, etc. As many such factors are complex and require come degree of special skills to assess, many products and services to support their proper determination have been developed and are usually offered by third parties. See also the latest insurance policy management and administration news.
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