10+ Underwriter Interview Questions and Answers

General insurance covers non-life assets and liabilities. Life insurance is not a part of general insurance.

• General insurance provides coverage for assets and liabilities that are not related to life, such as property, vehicles, and liability insurance.

• Life insurance, on the other hand, provides coverage for the life of the insured and pays out a death benefit to the beneficiaries upon the insured's death.

• Examples of general insurance include car insurance, home insurance, an...read more

There is no maximum limit for CIBIL high score.

• CIBIL high score ranges from 300 to 900.

• There is no upper limit for CIBIL high score.

• A higher CIBIL score indicates better creditworthiness.

• Lenders prefer borrowers with a high CIBIL score.

• CIBIL score is calculated based on credit history and repayment behavior.

I will review the account and contact the debtor to discuss payment options.

• Review the account to determine the amount owed and the age of the debt

• Contact the debtor to discuss payment options and negotiate a payment plan

• Document all communication and follow up regularly to ensure payment is received

• Consider legal action if necessary

Term insurance is a type of life insurance that provides coverage for a specific period of time.

• Term insurance offers a death benefit to the beneficiaries if the insured person passes away during the policy term.

• It does not accumulate cash value like whole life insurance.

• Premiums are typically lower compared to other types of life insurance.

• Policyholders can choose the term length, such as 10, 20, or 30 years.

• Once the term ends, the coverage ceases unless the policy is renewe...read more

Cibil is a credit information company that maintains credit records of individuals and companies.

• Cibil stands for Credit Information Bureau (India) Limited.

• It is a credit information company that collects and maintains credit records of individuals and companies.

• Cibil provides credit reports to banks and other financial institutions to help them assess the creditworthiness of borrowers.

• Checking Cibil score is important for individuals as it helps them understand their creditw...read more

Teacher's income is calculated based on their salary, benefits, and any additional income sources.

• Teacher's salary is determined by their level of education and experience

• Benefits such as health insurance and retirement plans are also factored in

• Additional income sources may include coaching or tutoring

• Income may also vary based on location and type of school (public vs private)

Types of risk include market risk, credit risk, operational risk, liquidity risk, and legal risk.

• Market risk: the risk of financial loss due to changes in market conditions

• Credit risk: the risk of loss due to a borrower's failure to repay a loan or meet contractual obligations

• Operational risk: the risk of loss due to inadequate or failed internal processes, people, and systems

• Liquidity risk: the risk of loss due to the inability to meet financial obligations

• Legal risk: the ri...read more

HO6 is a type of insurance policy for condominium owners. The 4 Cs of underwriting are capacity, character, collateral, and conditions.

• HO6 is a specific type of insurance policy designed for condominium owners

• The 4 Cs of underwriting are capacity (the ability to repay), character (credit history), collateral (assets to secure the loan), and conditions (economic environment)

• For example, in underwriting a mortgage, the lender will assess the borrower's capacity to make monthly ...read more

I review appraisal reports by analyzing the property details, market trends, comparables, and ensuring accuracy.

• Examine property details such as size, condition, location, and amenities

• Evaluate market trends and conditions affecting property value

• Compare the subject property with similar properties (comparables) to determine value

• Verify accuracy of data and calculations in the report

Underwriting manual should be regularly updated to adapt to changes in the industry.

• Regularly review and update underwriting guidelines to reflect current market trends and regulations

• Consider feedback from underwriters, actuaries, and other industry experts when making changes

• Ensure that underwriters are trained on any updates to the manual to maintain consistency and accuracy

• Monitor the performance of underwriting decisions post-update to assess effectiveness

The 4 Cs of underwriting are Capacity, Capital, Collateral, and Character.

• Capacity refers to the borrower's ability to repay the loan.

• Capital refers to the borrower's financial resources and assets.

• Collateral refers to the assets that can be used to secure the loan.

• Character refers to the borrower's credit history and reputation.

Insurance is a contract between an individual or organization and an insurance company, where the insurer provides financial protection against potential losses.

• Insurance is a risk management tool that helps individuals and organizations protect themselves against financial losses.

• It involves the transfer of risk from the insured to the insurer in exchange for payment of a premium.

• Insurance policies can cover various aspects such as property, health, life, liability, etc.

• The ...read more

Yes, I am comfortable with working different shifts.

• I have experience working both day and night shifts.

• I am willing to adjust my schedule to meet the needs of the company.

• I understand that working different shifts may be necessary in this role.

A credit report is a detailed summary of a person's credit history.

• Credit reports include information on credit accounts, payment history, and outstanding debts.

• Credit reports are used by lenders to determine creditworthiness and interest rates.

• It's important to regularly check your credit report for errors and fraudulent activity.

• Credit reports can be obtained for free once a year from each of the three major credit bureaus: Equifax, Experian, and TransUnion.

Blood in the right upper abdomen can be caused by various conditions such as liver disease, gallbladder issues, or trauma.

• Liver disease such as cirrhosis or hepatitis can cause blood in the right upper abdomen

• Gallbladder issues like gallstones or inflammation can also lead to blood in the RUA

• Trauma to the area, such as a rib fracture or internal bleeding, can result in blood in the right upper abdomen

I have 5 years of insurance experience in underwriting for various types of policies.

• Worked with a variety of insurance policies such as property, casualty, and life insurance

• Analyzed risk factors and determined appropriate coverage and premiums

• Collaborated with agents and clients to ensure accurate policy information

• Reviewed and processed policy applications and endorsements

• Handled policy renewals and cancellations