What is an Underwriter?
An underwriter is a person or firm who assumes financial risks on behalf of another. The term is used in a number of industries; it can refer to an insurance company, an investment bank, or an individual sponsor of an event. Generally, an underwriter receives special terms in exchange for its services; these terms often include a financial stake in the thing which the company agrees to underwrite. The term comes from the tradition at Lloyds of London, an important historical insurer in London which used to provide insurance for ocean-going ships. Lloyds would agree to take responsibility for the inherent risks of sailing in exchange for a set premium paid by the ship’s owner, and often for a stake in the profit of the voyage as well. The backers or a voyage would sign directly under the listed risks, leading to the slang term “underwriter”. In the insurance industry, an underwriter agrees to pay for things like damages to homes and cars, or health insurance, in exchange for regular pre
Because being an underwriter is a complex, dynamic and exciting position, we welcome interns who have various majors, backgrounds and experiences. For the intern program, we are most interested in college juniors who are serious about entering the insurance industry and excited about the prospect of eventually becoming an underwriter. Additional requirements include: • Preferred cumulative GPA of 3.0 or greater • Working knowledge of spreadsheet and word processing software • Strong verbal and written communication skills • Willingness to learn • Analytical skills • Desired personal qualities include: being energetic, resourceful and hard working; a commitment to complete the program; and a goal-oriented individual who is motivated to succeed.
In business, an underwriter makes the final decision to “approve or reject”. When you apply for a home loan, the underwriter tells you if you can have the loan. In your example, it is stretched to mean they are the only company that offers this type of insurance coverage. Underwriter means “Provider”.
