Insurance Underwriting Factors
Insurance underwriting is a term referring to the process of determining risk for potential insuance customers. Each insurance company has its own set of underwriting guidelines.
Also, different types of insurance products have different underwriting considerations too. Here are some examples:
- For car insurance, your age, driving history, credit score, years of driving experience, gender, insurance history, claim history, coverage levels, vehicle models might have big impact on your premiums.
- For health insurance, your age, gender, health condition, smoking history, family medical history are more important factors.
- For life insurance, your age, gender, health history, types of insurance, marital status, number of children, occupation, income, smoking or drinking hobby weight more on your final quote.
You can also learn more from our article regarding What Does Insurance Underwriters Do? The more you understand how insurance companies determine your insurance rates, the more chance you will have getting the best coverage with the right price.