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Underwriters

Depending on the context this term may refer to: (a) the employees of managing agents, insurance companies and reinsurance companies and their respective underwriting agents that underwrite insurance or reinsurance risks; (b) the members or other carriers that underwrite a particular contract of insurance or reinsurance; (c) members collectively; or (d) insurers and reinsurers collectively.

Underwriting

Process of evaluating and pricing risks proposed for insurance. Risks are often considered in the context of the class of business that the insurer underwrites and the insurer decides whether a particular risk is acceptable and, if so, whether the normal terms and conditions will apply. The underwriter monitors the classes of business underwritten and regularly reviews rates and strategies.
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The process of selecting risks for insurance and determining in what amounts and on what terms the insurance company will accept the risk.
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The act of choosing or denying risks based on their potential insurability to assess them a rate.
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The process of determining whether to accept a risk and, if so, what amount of insurance the company will write on the acceptable risk, and at what rate. Underwriters are companies, individuals, or insurance companies that carry on this critical activity for their own account or for that of others.
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The process of selecting applicants for insurance and classifying them according to their degrees of insurability so that the appropriate premium rates may be charged. The process includes rejection of unacceptable risks.
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The process of selecting risks for insurance and classifying them according to their degrees of insurability so that the appropriate rates may be assigned. The process also includes rejection of those risks that do not qualify.
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US, MEDICAL: 1. In insurance, the process of selecting, classifying, evaluating, and assuming risks according to their insurability so that appropriate rates may be assigned. Its fundamental purpose is to make sure that the group insured has the same probability of loss and probable amount of loss, within reasonable limits, as the universe on which premium rates were based. Because premium rates are based on an expectation of loss, the underwriting process must classify risks into classes with about the same expectation of loss. Also called selection of risks . 2. Individual or organization (insurance company) that guarantees availability of funds to pay for losses covered under an insurance contract.

Underwriting agency

A registered underwriting agent is a firm or company managing and carrying out underwriting for an insurance company or Lloyd’s syndicates if permitted by the Council of Lloyd’s. Lloyd’s distinguishes between a managing agent (who manages one or more syndicates) and a members’ agent who acts for members in other capacities and may introduce them to syndicates run by managing agents. Most agents conduct both functions.
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An agency given underwriting and policy writing authority by an insurer. This authority actually allows an agent to price and issue the physical policy to the insured. In return for this additional administrative work, the agency normally receives increased commissions from the insurer involved.

Underwriting agent

(1) a person who is authorised under a binding agreement to accept insurance risks on behalf of another person; (2) (same as active underwriter) more particularly, a person authorised to fulfil this function on behalf of underwriting members of Lloyd’s; most Lloyd’s syndicates are managed by an incorporated underwriting agency which employs the underwriters and other professional staff.
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A managing agent or a members’ agent.