Important Points for IC 22 - Life Insurance Underwriting Exam
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If the risk associated with an individual is considered to remain constant over the period, then it is known as constant extra risk.
Life insurance underwriting is the process of assessing, selecting classifying, evaluating, measuring and rating the level of risk associated with an individual and then taking a decision whether to select that risk or not and if selected also deciding the terms of acceptance.
For performing the task of underwriting, insurance companies hire professionals who are referred to as ?underwriters?.
Statistical data in a mortality table shows the probability that a certain individual will die before his next birthday on the basis of his age.
Morbidity risk arises, when the probability that an individual becomes ill or faces an adverse medical condition is high.
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