Sources of Information Underwriter
Fair Credit Reporting Act 1970 (Insurer & Applicant)
1. Permits insurer to conduct consumer or other investigative reports on applicants for insurance. 2. If insurer requests consumer reporting info it must notify the insurance applicant within three days. 3. Allows applicant to receive a copy of the information in the provider's report, especially if coverage has been denied as a result of the information derived from the report. 4. Allows applicant to REQUEST a copy, NOT that the insurer send him or her a copy of the report.
From an underwriter Point of View: What is an Insurance Application?
The insurance application is the primary source of information available to the underwriter. The app needs to be reviewed by the underwriter.
From an underwriter Point of View: Inspections
Underwriters needs to make sure property exists. Physical inspections on the premises are required. Inspection may be conducted by producing agent or representative. They analyze reports and determine property values.
From an underwriter Point of View: Producer Information
The producing agent (ME) or broker provides information to an underwriter regarding the applicant and the proposed exposure.
From an underwriter Point of View: Consumer Report
Underwriter may decide to investigate the applicant using consumer report, may include credit report.