underwriting

Meanings

• noun

  The process by which an insurer assesses the risk involved in underwriting an insurance policy and calculates the premium.

  - "The underwriting process for our policy took longer than expected due to some complex health conditions."
  - "The underwriter reviewed the application and approved the policy with a premium of $500 per year."

• noun

  A person or organization that takes on the risk of another person or organization.

  - "The investment bank acted as an underwriter for the company's initial public offering."
  - "The reinsurance company served as the underwriter for the primary insurer's large commercial risk."

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Rhymes

Words rhyming with underwriting
writer , lighter , righter , fighter , highter

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Variants

List of all variants of underwriting that leads to same result
underwrite , underwrites , underwriting , underwritten , underwrote

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Etymology

origin and the way in which meanings have changed throughout history.

From the Old French word 'underwriter', meaning 'one who writes under a policy'.

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Trivia

Any details, considerations, events or pieces of information regarding the word

1. The London Underwriting Centre is a hub for the global insurance market, with over 50 underwriting syndicates.

2. Underwriting was originally done by hand, with underwriters using 'slips' to record policy information.

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Related Concepts

informations on related concepts or terms closely associated with the word. Discuss semantic fields or domains that the word belongs to

1. Risk assessment: The process of evaluating the potential risks and calculating the probability and potential impact of each risk.

2. Insurance policy: A contract between an insurer and a policyholder that outlines the coverage and terms of the insurance.

3. Premium: The amount paid by the policyholder to the insurer for the coverage provided.

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Culture

Any cultural, historical, or symbolic significance of the word. Explore how the word has been used in literature, art, music, or other forms of expression.

Underwriting has significant cultural and historical importance in the insurance industry, as it is the foundation for pricing and risk assessment. It has been the subject of literature, such as 'Underwriters at Lloyd's' by Roger Jenkins, and has been depicted in art and film.

How to Memorize "underwriting"

1. visualize
   

   - Imagine an underwriter sitting at a desk, reviewing applications and assessing risk.
   - Visualize the process of calculating premiums based on the assessed risk.

2. associate
   

   - Associate the word 'underwriting' with 'risk assessment' and 'premium calculation'.
   - Think of an underwriter as a gatekeeper, evaluating applications and determining the risk and cost.

3. mnemonics
   

   - Underwriting: Understanding Risk, Writing Policies

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