What is an Underwriter?
An underwriter is a professional trained in risk evaluation and financial assessment. They facilitate the creation of contracts and policy terms implemented by insurance providers, loan officers, and similar financial industries. With respect to pet insurance, underwriters review applications and consider the risks involved with insuring the pet, or the likelihood of the company losing money paid out in insurance claims. They determine how much coverage the pet should receive from the insurance provider based on these figures, then writes the terms of the pet insurance policy.
How Underwriters Work
Anyone applying for pet insurance should carefully read through their policy terms and coverage details. After the application is accepted, it’s crucial that you take a close, second look at the insurance policy as terms and coverage may be slightly different based on what the underwriter and pet insurance provider determined.
Key Takeaways
- An underwriter is a profession within the pet insurance industry who evaluates the risk of taking on new members.
- An underwriter will look over applications and evaluate what kind of coverage the insurance company should provide the applicant based on their risk analysis.
- Review your pet insurance policy both before your application and after to make sure your coverage details are the same and still meet your pet’s needs.
