Over 50 Life Insurance terminology U. What is an Underwriter and what does Utmost Good Faith mean?

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    Over 50 Life Insurance Terminology - U

    Underwriter / Underwritten
    An Underwriter is a person who will evaluate a persons application for an over 50 life insurance policy on an individual basis.
    They will look into your family medical history, current state of health, lifestyle, asses any sporting activities you may partake in ect.
    They will then work out the level of risk you are to the Insurance Provider and will advise how much premiums you should pay to the insurance company for your required level of cover.
    This is known as your application is being Underwritten.


    Utmost Good Faith
    A term given when both parties (applicant & insurance provider) act in utmost good faith.
    What it means is that both parties must not disclose or hold back any information which may effect the application or policy nor must they mislead or give any misleading information.




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