underwriting department
The
department in a life and health insurance company that selects the
risks that the company will insure. The underwriting department
tries to make sure that the actual mortality or morbidity rates of
the company's insureds do not exceed the rates assumed when premium
rates were calculated. The underwriter considers an applicant's age,
weight, physical condition, personal and family medical history,
occupation, financial resources, and other selection factors to
determine the degree of risk represented by
the proposed insured. This department also participates in
the negotiation and management of reinsurance agreements, through which an
insurance company transfers some or all of an insurance
risk to another insurance company. Also called the new business
department.
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