underwriting information and financial reports

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Posted: Wed Oct 21, 2009 9:37 am Post subject: underwriting information and financial reports

What information does an auto insurance carrier seek in an applicant? What are the different financial reports that they usually consult with? _________________ Register Now to have your Insurance queries solved.

Clivedixon

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Posted: Wed Oct 21, 2009 7:02 pm Post subject:

The most common information gathered to generate a quote for an applicant for an auto policy is as follows: Drivers: date of birth, sex, marital status, state and months licensed, and driving record. Many carriers also use credit information in their rating, therefore, they may ask for a social security number. Vehicles: Year, Make, Model, usage (to and from work, pleasure, business, etc) Does the insured have prior insurance? own a home? and they will evaluate coverage needs. The above list is only the most common information. Companies can get much more specific than this, for instance, they may ask if currently employed, ever file bankruptcy, miles to work, who is the primary operator of each vehicle, miles on the vehicles, information to be eligible for student discounts or defensive driving discounts, etc etc etc _________________ AnMarie Bozick, CIC Insurance Technologies Corporation www.insurancetechnologiescorp.com Provding automation solutions to the insurance industry since 1983.

AnMarieB

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Joined: 21 Jul 2009
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Location: Dallas, Texas
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Posted: Thu Oct 22, 2009 7:29 am Post subject:

How does things like marital status and car model affect their evaluation? _________________ Register Now to have your Insurance queries solved.

Clivedixon

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Posted: Fri Oct 23, 2009 11:34 am Post subject:

Quote:

What are the different financial reports that they usually consult with?

They might run an MVR check. They'll obtain this data from the state records. They'd come to know of any tickets that you may have been charged with (for a specified period).

steven

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Posted: Sat Oct 24, 2009 6:38 am Post subject:

The accidents that you've been involved with will be reflected in the MVR. You will need to provide your carrier with a police report. Doing this will support you whenever you're not at-fault.