![]() Some life insurance companies will have you take a medical exam, and they’ll also look at other information such as prescription medication history from third-party databases. The result is what they determine is the right price for the insurance company to take on the risk of insuring you. Insurance companies take that information and use underwriters who analyze it and the risk the company would take by providing you with a plan. ![]() If you’re in the market for an insurance policy of any kind, you’ll be expected to provide all sorts of information. When you understand how underwriting works, you’ll have a better idea of the application process and how to get a desirable rate for an insurance policy. The process helps standardize the insurance market, so two similarly qualified applicants would pay roughly the same amount for coverage. Underwriters work with all kinds of insurance, and companies rely on them to evaluate your application (and history), the risks you might present and how to price that risk - which becomes the cost of your insurance. It’s those marks, along with some other more indelible factors like age and gender, that auto insurance companies use to determine how much you pay for coverage, with the help of an underwriter. They all leave a mark on your car and your driving record.
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