Underwriter Interview Questions and Answers for Freshers

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

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

Underwriting is the process of evaluating and assessing the risk of insuring a person or entity.

• Underwriting involves analyzing various factors such as age, health, occupation, and lifestyle to determine the risk of insuring an individual or entity.

• The underwriter then decides whether to approve or deny the insurance application and at what premium rate.

• Underwriting is commonly used in the insurance industry for various types of insurance policies such as life, health, and pr...read more

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

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