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Insurance industry term
Underwriting profit, also called underwriting income, is the profit an insurer makes from underwriting activities after claims and underwriting expenses
Underwriting_profit
Financial practice supporting a contract's value
information furnished by the borrower; such underwriting falls into several areas: Consumer loan underwriting includes the verification of such items as
Underwriting
Protection from financial loss
indicates an underwriting profit, while anything over 100 indicates an underwriting loss. Insurers make money in two ways: Through underwriting, the process
Insurance
Tendency in the insurance industry
with property insurance and casualty insurance, where premiums, underwriting profits and the availability of cover are observed to rise and fall in a
Insurance_cycle
Insurance that pays benefits upon the policyholder's death
reason for their popularity is their use of "simplified underwriting". With simplified underwriting, applicants are not required to take a medical exam;
Life_insurance
Insurance market located in London, England
become an underwriting member of Lloyd's in 1880, upon reaching the minimum age of 21, on J. S. Burrows' syndicate. Within a year he was underwriting for himself
Lloyd's_of_London
Insurance against damage to buildings while they are under construction
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Builder's_risk_insurance
Information technology risk insurance
marked a breakthrough moment when the first cyber insurance policy and underwriting platform were actually launched. The event resulted in the creation of
Cyber_insurance
Insurance for rent
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Rent_insurance
Health insurance term
methods of medical underwriting are known as moratorium underwriting, a relatively simple process, and full medical underwriting, a more in-depth analysis
Medical_underwriting
Insurance against others' frauds
available but they are typically subject to additional premium, robust underwriting questions, and are often sublimited. In Australia, this type of employer
Fidelity_bond
Type of insurance
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Kidnap_and_ransom_insurance
Insurance that covers lost income when normal business operations are disrupted
additional coverage allotted by the business interruption policy covers the profits that would have been earned. This extra policy provision is applicable
Business interruption insurance
Business_interruption_insurance
Insurance company
and international markets. In 1979, Wardley Insurance achieved an underwriting profit of HK$448,707 in its second year of operations, reversing a loss
HSBC_Life
British mutual insurance company
business faced three years of underwriting losses between 2021 and 2023. In 2024, the business returned to underwriting profit, reporting £168 million. Without
NFU_Mutual
Historical coffee shop in London, England
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Lloyd's_Coffee_House
Type of broadcasting sponsorship announcement
Individuals, foundations, and non-profit donors may underwrite programming without the need for an underwriting informational advertising contract.
Underwriting_spot
Fraternity organized as an order
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Fraternal_order
United States federal law concerning health information
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Health Insurance Portability and Accountability Act
Health_Insurance_Portability_and_Accountability_Act
Term used in finance
The underwriting spread is the difference between the amount paid by the underwriting group in a new issue of securities and the price at which securities
Underwriting_spread
Type of insurance in the United States
comprises about 2% of total premiums but account for a higher percent of the profit. Like ocean marine insurance, inland marine insurance has been traditionally
Inland_marine_insurance
Conditions under which a risk can be covered by insurance
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Insurability
Defrauding of insurance
century AD, illustrates how crimes such as arson might be motivated by profit: "Tongilianus, you paid two hundred [denarii] for your house; An accident
Insurance_fraud
Private mortgage insurance
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Lenders_mortgage_insurance
Regulatory body of the Government of India
the Indian Mercantile Insurance was established, the first company to underwrite all classes of general insurance. In 1957 the General Insurance Council
Insurance Regulatory and Development Authority
Insurance_Regulatory_and_Development_Authority
The Professional Liability Underwriting Society (PLUS) is a non-profit organization with membership open to persons interested in the promotion and development
Professional Liability Underwriting Society
Professional_Liability_Underwriting_Society
Out-of-pocket expense requirement in insurance
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Deductible
Insurance purchased by an insurance company
no longer count against the primary insurer’s underwriting capacity, enabling the company to underwrite more policies. Insurers commonly use reinsurance
Reinsurance
Member-owned financial cooperative
dominant model of microfinance, whether it is provided by not-for-profit or for-profit institutions, places the control over financial resources and their
Credit_union
Insurance that protects against most risks to property
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Property_insurance
Permanent life insurance with fixed premiums and guaranteed cash-value accumulation
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Whole_life_insurance
Type of liability insurance
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Umbrella_insurance
coverage the same day it expires. Several carriers[citation needed] who underwrite policies will not allow professionals to backdate their coverage to their
Professional liability insurance
Professional_liability_insurance
Situations involving imperfect or unknown information
uncertainty at all. — Frank Knight (1885–1972), Risk, Uncertainty, and Profit (1921), University of Chicago. There is a fundamental distinction between
Uncertainty
Natural disaster outside human control
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Act_of_God
Insurance that agrees to pay out upon a triggering event
there is less need for actual loss assessment for payment of claims or underwriting rating requirements to determine the premium based on liabilities and
Parametric_insurance
American public broadcaster and television network
to broadcast underwriting spots from for-profit entities that provided donations or underwriting. While the FCC prohibited underwriting spots from including
PBS
Insurance that reimburses veterinary costs
from Petplan and offers accident and illness coverage through multiple underwriting partners. Petplan UK, a long-established pet insurer in the United Kingdom
Pet_insurance
Type of property insurance that covers a private residence
industry database (the two major ones are CLUE and A-PLUS), with Claim Loss Underwriting Exchange (CLUE) by Choicepoint receiving data from 98% of U.S. insurers
Home_insurance
Intermediary between buyers and sellers of insurance
threatened to shutter their online consumer brand Esurance after disappointing profits. Financial adviser Loss-control consultant US Insurance broker - full list
Insurance_broker
Analyst of business risk and uncertainty
by using analysis to estimate the economic value of losses such as lost profits or lost wages. The basic requirements of communal interests gave rise to
Actuary
Suspension of contractual obligations during extreme circumstances
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Force_majeure
Type of vehicle insurance
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GAP_insurance
Insurance that covers a defined group of people
selection, it is subject to much more relaxed underwriting requirements than voluntary covers. Underwriting requirements even for voluntary group life cover
Group_insurance
American health insurer and health maintenance organization
longer to market itself as a Blues plan. HCSC reported a strong underwriting profit in 2017 after losses related to Affordable Care Act (ACA) exchange-sourced
Health Care Service Corporation
Health_Care_Service_Corporation
Type of insurance coverage
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Business_owner's_policy
Latin phrase meaning "in proportion"
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Pro_rata
Organisation of workers with common goals
and Disclosure Act Labour inspectorate List of trade unions Police union Profit margin Progressive Librarians Guild Project Labor Agreement Salting (union
Trade_union
Type of liability insurance
(D&O) for nonprofit organizations. Intentional illegal acts or illegal profits are typically not covered under D&O insurance policies; coverage would
Directors and officers liability insurance
Directors_and_officers_liability_insurance
Insurance providing income protection when a disability prevents a person from working
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Disability_insurance
Insurance that covers financial losses from events during travel
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Travel_insurance
Insurance policy for a tenant's personal property and liability
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Renters'_insurance
Insurance for road vehicles
men. Two of the most important factors that go into determining the underwriting risk on motorized vehicles are: performance capability and retail cost
Vehicle_insurance
Mutual association for a common financial or social purpose
have a role based on solidarity and democracy without an objective to make profit. The current position of the mutual benefit society in Europe is well described
Friendly_society
Contractual obligation to compensate for losses incurred by the other party
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Indemnity
Chinese insurance company
its first net profit since its IPO, indicating a shift from scale-focused growth to a more sustainable model supported by underwriting and technology
ZhongAn
Insurance that pays benefits for injuries or death caused by accidental events
(2022). There Are No Accidents: The Deadly Rise of Injury and Disaster–Who Profits and Who Pays the Price. New York: Simon & Schuster. ISBN 978-1982129668
Accident_insurance
Type of insurance policy
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Mortgage_insurance
Babylonian legal text
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Code_of_Hammurabi
Branch of aviation insurance
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Satellite_insurance
Splitting of financial risk among parties
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Co-insurance
Form of insurance
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Workers'_compensation
Life insurance providing coverage for a fixed period with no cash-value component
insurance company screens its applicants for good health during the policy underwriting phase of the policy issue process. Corporate mortality will most likely
Term_life_insurance
Any association in ancient Rome that acted as a legal entity
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Collegium_(ancient_Rome)
Insurance covering the loss of ships and other transport
example). In the 19th century, shipowners banded together in mutual underwriting clubs known as Protection and Indemnity Clubs (P&I), to insure the remaining
Marine_insurance
Situation where a damaged property's salvage or repair cost exceeds its insured value
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Total_loss
Organization based on mutual benefit
contribute to the capital of the organization, but derive their right to profits and votes through their customer relationship. A mutual exists with the
Mutual_organization
Insurance policy
policy pays a monthly benefit based on actual expenses, not anticipated profits. It is designed for businesses that rely on a small number of people (or
Business overhead expense disability insurance
Business_overhead_expense_disability_insurance
American mutual insurance company
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Shelter_Insurance
Health insurance for dental care
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Dental_insurance
Association of artisans or merchants
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Guild
Development of insurance practices and institutions from antiquity to the present
wooden houses. At the same time, the first insurance schemes for the underwriting of business ventures became available. By the end of the seventeenth
History_of_insurance
Promise to assume responsibility for defaulted debt
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Surety
American multinational finance and insurance corporation
commercial excess and surplus underwriting, and a provider of crop insurance. The deal "brought in fresh underwriting talent", particularly in property
American_International_Group
System of health insurance
funds (which may be run by public bodies, private for-profit companies, or private non-profit companies), must provide a minimum standard of coverage
National_health_insurance
Roman law digest
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Digest_(Roman_law)
Indemnification insurance for a prize promotion
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Prize_indemnity_insurance
Insurance which pays monthly for nursing home or assisted-living care
may have provisions for non-restricted or open enrollment periods and underwriting may be required. Group plans may or may not be guaranteed renewable or
Long-term_care_insurance
Insurance risk management sharing liability
considered insurance, pools extend nearly identical coverage through similar underwriting and claim activities, as well as provide other risk management services
Risk_pool
Law and insurance industry phrase
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Total permanent disability insurance
Total_permanent_disability_insurance
Lack of quantifiable knowledge in economics
distinguished risk and uncertainty in his 1921 work Risk, Uncertainty, and Profit: "Uncertainty must be taken in a sense radically distinct from the familiar
Knightian_uncertainty
Statistics applied to risk in insurance and other financial products
estimating, forecasting, and valuation tools to provide financial and underwriting data for management to assess marketing opportunities and the nature
Actuarial_science
Identification, evaluation and control of risks
business to avoid the risk of loss also avoids the possibility of earning profits. Increasing risk regulation in hospitals has led to avoidance of treating
Risk_management
Maritime law
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General_average
Form of mutual maritime insurance
Shipowners Insurance Service Shipowners P&I Association Steamship Mutual Underwriting Association The Liverpool & London P&I Club (which insured the Titanic)
Protection and indemnity insurance
Protection_and_indemnity_insurance
Legal requirement that a policyholder would suffer a loss from the insured event
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Insurable_interest
Organization formed to provide mutual aid
Benefit societies, fraternal benefit societies or "fraternals" are not-for-profit membership organizations that have a representative form of government and
Benefit_society
Form of indemnity insurance
source of the losses through the use of the recording system and other underwriting practices. As a result, a relatively small fraction of title insurance
Title_insurance
Type of securities offering in which a private company goes public
of an underwriting spread in an initial public offering (IPO) typically include the following (on a per-share basis): manager's fee, underwriting fee—earned
Initial_public_offering
Selective trading based on possession of hidden information
(cf. pre-existing condition). This risk selection process is part of underwriting. In many countries, insurance law incorporates an "utmost good faith"
Adverse_selection
Possibility of something bad happening
of adventure education. In his seminal 1921 work Risk, Uncertainty, and Profit, Frank Knight established the distinction between risk and uncertainty.
Risk
Autonomous association of persons or organizations
membership and occupancy rights in a not-for-profit cooperative (non-share capital co-op), and they underwrite their housing through paying subscriptions
Cooperative
Insurance that covers legal liability for injury, damage, or loss caused to others
arrangement). The modern system relies on dedicated carriers, usually for-profit, to offer protection against specified perils in consideration of a premium
Liability_insurance
American nonprofit media organization
to broadcast underwriting spots from for-profit entities that provided donations or underwriting. While the FCC prohibited underwriting spots from including
NPR
Method of valuing insured property
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Actual_cash_value
Type of retail or commercial bank organized cooperatively
or for-profit institutions in most underdeveloped economies. The current dominant model of microfinance, whether it is provided by not-for-profit or for-profit
Cooperative_banking
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List of countries by health insurance coverage
List_of_countries_by_health_insurance_coverage
Insurance not directly concerned with life, health, or property insurance
risks), the last two began to merge. When the NAIC approved multiple underwriting in 1946, casualty insurance was defined as a blanket term for the legal
Casualty_insurance
[clarification needed] insurers have generally used a process called underwriting to ensure that each individual paid for his or her actuarial value or
Health_insurance_marketplace
Insurance that protects against the loss of crops or crop related revenues
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Crop_insurance
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