insurability

/in,ʃuərə'biliti/

Thân thiện

The agent reviewed the applicant's medical history to assess his insurability.

Definition

1. Noun:
   • The quality or state of being eligible for insurance coverage: "Insurability" refers to the degree to which a person, property, or risk meets the standards set by an insurer to qualify for an insurance policy.
   • The set of conditions determining eligibility for insurance: It also denotes the specific criteria, based on factors like health, age, occupation, or risk level, that an insurance company uses to decide whether to offer coverage and at what premium rate.

Usage Examples

• Noun:
  • The applicant's medical history is a key factor in determining their insurability.
  • Due to the high risk of flooding, the insurability of properties in that area is very low.
  • The new underwriting guidelines have expanded the insurability of individuals with certain pre-existing conditions.

Advanced Usage

• "To assess/evaluate/determine insurability": This is the standard phrase used by insurance professionals when reviewing an application.
  • The underwriter's job is to assess the insurability of each applicant based on the provided data.
• "Standard/Rated/Declined insurability": These terms describe the outcomes of an underwriting assessment. "Standard" means approval at normal rates, "rated" means approval with higher premiums, and "declined" means the risk is not accepted.
  • After the medical exam, he was offered a policy but with rated insurability due to his high cholesterol.

Variants and Related Words

• Insurable (adj): Capable of being insured.
  • Not all antique cars are insurable under a standard auto policy.
• Insure (v): To provide or obtain insurance.
• Insurance (n): The practice or arrangement of providing financial protection against loss.
• Underwriting (n): The process of evaluating risk and determining insurability and premium rates.

Synonyms

• Eligibility for coverage: (The state of qualifying for an insurance policy.)
• Assessable risk: (A risk that can be evaluated for insurance purposes.)

Antonyms

• Uninsurability: The quality of not being eligible for insurance coverage.
  • The extreme danger of the activity led to its uninsurability.

Học thuật

Noun

1. the quality of being insurable; the conditions under which an insurance company will issue insurance to an applicant (based on standards set by the insurance company)