CPCU 520 Study Set - Chapter 3 | Questions with
100% Correct Answers | Verified | Latest Update
2026/2027
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Terms in this set (63)
1. Understand the activities, Steps of the commercial underwriting process are
operations, and character of each
commercial applicant
2. Accept or reject the application as
is or develop underwriting
alternatives
3. Carefully evaluate each
underwriting alternative and select
the best one under the
circumstances
4. Determine a premium
5. Implement the final decision
field underwriter and corporate 2 types of commercial underwriters
underwriter
, Field Underwriters - evaluate individual accounts for acceptability and
follow the underwriting policy procedures and
guidelines outlined by the underwriters at the
corporate level
- evaluate individual insurance applications and
policy renewals and manage their own books of
business. They are responsible for much of the day
to day operation of the insurer's underwriting
process and are, in many ways, the public face of
the Underwriting Department
line underwriters field underwriters are also referred to as
select insureds, accurate activities of field underwriters
classification and pricing,
recommend or provide coverage,
manage a book of business, support
producers and insureds, support
marketing objectives
Corporate Underwriters sometimes referred to as staff underwriters work
with management to ensure profitable risk
selection through various activities
research the market, formulate activities of corporate underwriters
underwriting policy, revise
underwriting guidelines, research
and develop coverage forms, review
rates, educate and train, arrange
reinsurance, assist others with
complex accounts and conduct
underwriting audits
100% Correct Answers | Verified | Latest Update
2026/2027
Save
Terms in this set (63)
1. Understand the activities, Steps of the commercial underwriting process are
operations, and character of each
commercial applicant
2. Accept or reject the application as
is or develop underwriting
alternatives
3. Carefully evaluate each
underwriting alternative and select
the best one under the
circumstances
4. Determine a premium
5. Implement the final decision
field underwriter and corporate 2 types of commercial underwriters
underwriter
, Field Underwriters - evaluate individual accounts for acceptability and
follow the underwriting policy procedures and
guidelines outlined by the underwriters at the
corporate level
- evaluate individual insurance applications and
policy renewals and manage their own books of
business. They are responsible for much of the day
to day operation of the insurer's underwriting
process and are, in many ways, the public face of
the Underwriting Department
line underwriters field underwriters are also referred to as
select insureds, accurate activities of field underwriters
classification and pricing,
recommend or provide coverage,
manage a book of business, support
producers and insureds, support
marketing objectives
Corporate Underwriters sometimes referred to as staff underwriters work
with management to ensure profitable risk
selection through various activities
research the market, formulate activities of corporate underwriters
underwriting policy, revise
underwriting guidelines, research
and develop coverage forms, review
rates, educate and train, arrange
reinsurance, assist others with
complex accounts and conduct
underwriting audits
