Definition

Noun: A financial institution or professional entity that assumes financial risk by agreeing to compensate for specific potential losses in exchange for a premium, thereby issuing insurance policies.

Usage

This term refers specifically to the risk-assuming entity in an insurance contract. It is often used in formal, financial, and business contexts. - The insurance underwriter assessed the property's risk before approving the policy. - She works as an insurance underwriter for a major life insurance company.

Advanced Usage

• "to act as an insurance underwriter": To perform the function of evaluating and assuming risk.
  • The syndicate agreed to act as the insurance underwriter for the large maritime project.

Variants and Related Words

• Underwriter (n): A more general term for any entity that assumes financial risk, often used interchangeably with "insurance underwriter" in an insurance context.
  • The underwriter denied coverage due to the high risk.
• Underwriting (n): The process of evaluating risk and deciding on policy issuance and pricing.
  • The underwriting process for this application took two weeks.

Synonyms

• Insurer: The company that provides and is liable under an insurance policy.
• Carrier: A common term in the insurance industry for an insurance company.

Related Phrases

• Underwrite a policy: To accept liability under an insurance policy.
  • The company decided to underwrite the policy despite some concerns.

Noun

1. a financial institution that sells insurance