When you are buying an insurance policy, you get to hear the word ‘Underwriter’. Underwriter is an insurance person who does underwriting. Many a times an insurer who owns a policy from any insurance company will not be aware that at some point their application passed through an underwriter’s hand. Insurance company is run at high risk. It protects individuals from financial loss occurring due to car accidents, home burglary, property damage, illness and others. Getting involved in such big business, underwriting is one of the most important aspect of insurance process. So, it is necessary to know what an underwriter does and why is it salient, before you shop for an insurance policy.
Underwriting is a process to ensure that the insurance companies charge the right amount of insurance coverage. An underwriter decides if insurance is to be provided, if so, then under what terms. It happens pretty much behind the scene in the company, they are also involved in choosing who the insurance company will not insure. They are employed by the insurance companies. If the company charges too little for the coverage, they will run out of money to pay for the claims but if they charge too much, they will loose customers to competitors. Here an underwriter will provide a helping hand to insurance companies in order to decide accurate prices. He has a vital role in detecting and preventing fraud. They use sophisticated computer software and actual data provided by the customers to evaluate the risk involved, a likelihood and magnitude of payout in insuring a customer over the life of policy.
As underwriting plays a major role in obtaining an insurance policy to protect you and your needs, you need to understand how to handle underwriting process when applying for an insurance policy. Do not lie or provide any wrong information on an insurance application. Carefully think before you provide any details and supply the required information to the company’s underwriting department else it can lead you to be prosecuted for fraud. Once the form is submitted, an underwriter will contact you to clarify or if in need of more information, respond to them for fast process of your application. Finally, an underwriter will evaluate your risk and will place you on one of the different risk zones. Based on which your premium will be determined. Please note that your insurance policy can be declined based on underwriter’s risk evaluation.
With the impulsive crime news of May 26,2011- “A man aged 20 years was sentenced in prison for nearly three decades for breaking into a home and ransacking the home by tying up the couple’s.” Ohio’s watch on home safety becomes tough with every such incident. According to a universal survey, unlocked cars and homes are major victims of break-in’s. There are several incidents where perpetrators break through the main doors of even garage to reach unlocked vehicles.
Avoiding Burglary of Home and Vehicle Break-in’s
A home that can be broken easily and quickly is set as a target by the burglars to pick something valuable and they will not be easily detected. Though you cannot afford a secured system, an act of safety tips taken keeps your possessions safer.
Protecting your home and family from criminal invasion should be high on your list of priorities.
- Ensure trimming of all trees and shrubs so that the burglar cannot easily conceal himself.
- Keep exterior lights of your home well lit especially at the doors or in rear part of the house, where burglars snuggle through to do most of the work.
- Build rapport with your neighbors. They can help you by eying at your home and report if any suspicious activity around to the cops on request when you are away from home.
- Prepare an inventory of all your valuables. Enure to take a picture or a videotape record of any personal belongings which are expensive. If possible, store the listed inventory and your insurance at different location. It will benefit you when both the insurance company and the police need to identify goods stolen.
Some simple steps taken can greatly reduce the risk and avoid break-in’s, which purely means you get that peace of mind.
- Park your vehicle in an open, well lit and areas which are quite populated, else park at garage only.
- Turn off car’s engine when not on move, roll up the windows, check if all doors are locked, and do not drop your keys back even if stopped for a quick break at any store or a gas station.
- Never leave any of your valuables for an easy sight. Remove all laptops, cellular phones, wallets etc. from your vehicle.
Steps taken to Report Burglary
Reporting about the crime to your insurance company against your valuables should not be a painful process anymore.
- File a report at your nearest police department if you are a victim of burglary. Make a note of filed incident number at police for any future reference when dealing with your insurance company.
- Keep your insurance agent informed on receiving the incident reported number from cops.
- Talk to your insurance agent about filed incident and help him with every single detail even if you are aware of how the burglar entered your home.
- List all the items damaged or provide required proof such as a videotape or picture taken and then repair the damaged items. This helps the cops in a better way to handle the crime.
Comfort your loved ones to get out of the shock and the confidence required for it will be built only by having proper insurance.