An underwriter is a person who reviews potential clients to assess their fitness for the services offered by a health insurance company, creditor or investment house. The underwriter has to handle policy applications both from individuals and from businesses. An underwriter also outlines the terms of the acceptable policy and determines the rates or premiums.

Thus we can say that the position on an underwriter is vey challenging and one has to work long hours under pressurized environments. So, now let me tell you some questions that are most frequently asked in an Underwriter Trainee interview.

1. In your previous jobs as an underwriter what were the main duties that you performed?
In my previous jobs I worked for companies who insure businesses, vehicles or homes and related items. I had to assess the degree of risk to the insurance company of the person or property listed on the application. I also had to take account in the applicant’s previous loss record as well as age, medical reports, credit rating, driving record, and other information that may be helpful in evaluating the risk. These are some various things that I performed in my previous positions.

2. What skills and training is required to become a fully qualified underwriter?
The underwriter has to undergo detailed training which helps them to efficiently estimate the financial risks a possible client could pose to the company and whether the company can offer effective services to the client. They need to have good communication, interpersonal, organizational and management skills. They have to be well versed in mathematics, statistics, business, and insurance and have to be underwriting clerks before taking a full post as an Underwriter.

3. How many types of underwriters are there?
There are mainly two types of underwriters, the one who work for health or other insurance companies, and those who work for creditors such as banks and mortgage companies. The underwriters may offer standard coverage or coverage or credit which has specific stipulations. Coverage or credit terms are based on their assessment of the probable risks involved.

4. Tell us the main duties that an underwriter as to perform?
The underwriter has to mainly focus on four points which include the client’s ability to repay the loan, the client’s apparent willingness to repay the loan, the client’s existing assets, and the client’s collateral. They have to determine whether the client is willing to repay the loan based on an assessment of the credit report.

These are some very important questions that are mainly asked in an Underwriter Trainee Interview.