The process of evaluating a risk for the purpose of issuing insurance coverage on it.
1. A person trained in evaluating risks and determining the rates and coverages that will be used for them. 2. An agent, especially a life insurance agent, who might qualify as a “field underwriter.” In theory, the agent is supposed to do some underwriting...
A policy that pays for liability losses in excess of those covered in homeowners and auto insurance.
Shifting all or part of a risk to another party. Insurance is the most common method of risk transfer, but other devices, such as hold harmless agreements, also transfer risk. One of the four major risk management techniques. See Risk Management.
A loss of sufficient size so that it can be said there is nothing left of value. The complete destruction of the property. The term is also used to mean a loss requiring the maximum amount a policy will pay.
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