Insurance, in its simplest terms, is the transfer of risk from a policyholder, or insured, to an insurance company, or insurer. Insurance risk is defined as the possibility of loss. Loss, in this case, can be defined as an undesirable financial outcome. While there are other types of risk and other types of loss in […]
Month: July 2020
Ins and Outs of a Residential Property Insurance Inspection
Conducting a residential inspection for insurance purposes has two main goals. To ensure that the policy being written accurately reflects the cost of rebuilding the property in the event that it’s destroyed in a catastrophic loss, and to discover any liabilities that represent a potential danger to the property or to people visiting the property. […]
Accurate Risk Assessments Equal Accurate Premium Rates
As a property insurance company underwriter, your number one job is to accurately assess the amount of insurance risk represented by a prospective policyholder, utilizing a number of different tools. Typically, this process may include: Analyzing insurance application information submitted Determining the amount of insurance risk involved with this particular applicant Screening the applicant against […]
Today’s Emerging Inspection Technology is Saving Time and Money
Property inspections have long been a painstaking and time-consuming process that’s critical to the insurance risk assessments you make in conjunction with your policy underwriting activities. Fortunately, thanks to emerging inspection technology, property inspections have been changing significantly, becoming faster, better and less expensive to complete. Mobile Inspection SoftwareThere are currently a number of trends […]
