Insurance Underwriter Test Assessment

Insurance Underwriters review individual applications for insurance to evaluate a degree of risk involved and determine acceptance of applications. They decide if applications for insurance cover (risks) should be accepted and, if so, what the terms of that acceptance are. 

The aim is to minimize losses for their company and help to make a profit. They effectively grow the assigned book of business and develop a market share of profitable business while protecting a company from financial loss through accurate and effective underwriting techniques and methodologies .They provide input/contribute to the establishment of effective underwriting policies and guidelines. Determining risk is a complex process and the job relies on sensible judgment and meticulous attention to detail. The underwriter must ensure that accurate quotes are produced that are competitive to the customer, yet profitable for the company.

Typical duties include:

  • Examining insurance proposals.

  • Collecting background information and assessments of risk.

  • Analyzing statistical data using specialist computer programs.

  • Writing quotes and negotiating the terms with brokers and clients.

  • Determining premiums.

  • Preparing insurance policies terms and conditions.

  • Liaising with insurance brokers and customers.


KEY SKILLS REQUIRED:

  • ANALYTICAL SKILLS - Quantitative Aptitude, Abstract Reasoning

  • GOOD MATH AND STATISTICS SKILLS - Quantitative Aptitude

  • ATTENTION TO DETAIL.

  • VERBAL AND WRITTEN COMMUNICATION SKILLS -  Verbal Ability

  • GOOD JUDGEMENT - Logical Reasoning

  • EXCEPTIONAL CUSTOMER SERVICE AND RELATIONSHIP BUILDING SKILLS - Logical Reasoning

  • FAMILIARITY WITH BUSINESS PROCESS IMPROVEMENT, TROUBLESHOOTING, AND CREATIVE PROBLEM SOLVING - Quantitative Aptitude

  • STRONG READING COMPREHENSION AND ANALYSIS SKILLS - Verbal Reasoning

  • MUST BE HIGHLY DETAIL ORIENTATED WITH ADVANCED ORGANIZATION SKILLS REQUIRED, INCLUDING ABILITY TO MANAGE MANY RESPONSIBILITIES EFFECTIVELY AT ONCE.

  • PROFICIENT IN MICROSOFT OFFICE SUITE AND INTERNET UTILTIZATION.- MS Word

 

TEST DESCRIPTION

VERBAL ABILITY 
Verbal ability is essential because grammar and vocabulary is a prerequisite for good spoken and written English.

VERBAL REASONING
Reading comprehension indicates an ability to comprehend and reason with the concepts on a written page.

QUANTITATIVE APTITUDE 
Quantitative ability will indicate analytical thinking and problem-solving ability.

LOGICAL REASONING
Logical Reasoning is assessed through  
•    Statement/Conclusion
•    Cause /Effect and 
•    Statement/Fact questions
These questions will indicate the quality of deductive reasoning and inductive reasoning which contribute to Critical thinking ability.

ABSTRACT REASONING
Abstract reasoning will indicate the ability to think clearly, identify logical patterns, learn new skills and solve complex problems. It is an indicator of fluid intelligence and shows an ability to strategize.

STATISTICS AND PROBABILITY
The topics include chai-square, ANOVA, t-test, variances, confidence intervals, p-values, probability distributions etc.

?MS WORD
The questions are on Keyboard shortcuts, Keyboard Combinations, Page orientations, Tables, Charts, formatting, commands.

Test Details: 60 Questions 80 minutes
 

  • Verbal Ability -                   10 Questions 10 minutes

  • Verbal Reasoning -           08 Questions 14 minutes

  • Quantitave Aptitude -        16 Questions 18 minutes

  • Logical Reasoning -            10 Questions 15 minutes

  • Abstract Reasoning -         08 Questions 13 minutes

  • Statistics & Probability -    08 Questions 10 minutes

  • MS Word -                           08 Questions 10 minutes

Topics covered
  • Examining insurance proposals
  • Collecting background information and assessments of risk
  • Analyzing statistical data using specialist computer programs
  • Writing quotes and negotiating the terms with brokers and clients
  • Determining premiums
  • Preparing insurance policies terms and conditions
  • Liaising with insurance brokers and customers
  • Test Duration: 22 min
  • No of Questions: 11
Useful for hiring
  • Insurance companies
  • Reinsurance companies
  • Brokers
Also you can tailor this assessment by
  • Selecting your choice of questions and topics
  • Adding other related skills
  • Adding your own questions
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