An Explanation of What is Needed to Obtain Insurance After Completing an Application

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The Underwriter

The person who makes the decision to insure or not insure a prospective insured, in modern practice, is called an underwriter. Unlike the original underwriters at Lloyd’s the person with the title “underwriter” is usually an employee of an insurer who was employed to evaluate risks the insurer employer is willing to take.

The Loss Prevention Engineer

If the risk the prospective insured proposes is large, he or she will often be visited by a loss prevention engineer.

The Pre-Risk Inspection Service

If the risk is residential or a specialty type of business the insurer will have it inspected by a specialized company called a “pre‑risk inspection service.”

After the policy comes into effect the insured should have no contact with the insurer except when it comes time to renew the insurance or pay premium. 

© 2021 – Barry Zalma