Definition: Insurance underwriting means the act or process of assigning insurance policies to risk-bearing organizations, often on a premium basis, for use in determining the likelihood of loss and liability associated with such risks. It involves the identification of specific types of risks and their corresponding premiums, the assessment of potential losses, and the allocation of those risks among different types of policyholders, typically based on the amount of insurance coverage they may be able to afford. Insurance underwriters are responsible for determining whether a risk is acceptable or not, and how much it should be covered by an insurer. Understanding the insurability of risks and choosing the appropriate type of insurance policies can greatly impact the financial stability and recovery of losses from such events.
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