Question

What are the two processes for underwriting used by life insurance companies?

a.

Centralised processing of underwriting/policy issue

b.

Decentralised processing of underwriting/policy issue

c.

Combination of both centralised and decentralised processing of underwriting/policy issue

d.

None of the above

Posted under IC22 Life Insurance Underwriting

Answer: (c).Combination of both centralised and decentralised processing of underwriting/policy issue Explanation:Life insurance companies generally employ two processes for underwriting: centralised processing of underwriting/policy issue, where most of the processing with regard to policy issuance is done at the head office of an insurance office, and decentralised processing of underwriting/policy issue, where most of the processing with regard to policy issuance is done either at a regional office or at a branch office and not at the head office of the insurance company.

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Q. What are the two processes for underwriting used by life insurance companies?
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