Insurance Underwriting: The Art and Science of Risk
The Art and Science of Risk
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40 chapters
~71 hours total
307 sections
1
Front Matter
5 chapters2
Part I: Part I — Foundations of Insurance
8 chapters- Part I — Foundations of Insurance
- Chapter 1: What Is Insurance? Risk Pooling, the Law of Large Numbers, and the Social Contract of Shared Risk
- Chapter 2: A Short History of Insurance: From Bottomry and Lloyd's Coffeehouse to the Algorithm
- Chapter 3: The Insurance Industry: Structure, Players, and How Money Flows
- Chapter 4: Insurance Law and Regulation: The Legal Framework That Governs Everything You'll Do
- Chapter 5: The Insurance Policy: Anatomy of a Contract — Declarations, Insuring Agreement, Conditions, and Exclusions
- Chapter 6: Risk: What It Is, How to Measure It, and How to Think About It Like an Underwriter
- Chapter 7: What Is Underwriting? The Decision at the Heart of Insurance
3
Part II: Part II — The Underwriting Process
7 chapters- Part II — The Underwriting Process
- Chapter 8: Information Gathering: Applications, Inspections, Reports, and Building the Risk Picture
- Chapter 9: Risk Assessment: Evaluating Hazards, Controls, and the Probability of Loss
- Chapter 10: The Mathematics of Risk and Price: Frequency, Severity, Loss Ratios, and Credibility
- Chapter 11: Pricing and Rating: How Premiums Are Calculated and Why Yours Costs What It Costs
- Chapter 12: Terms, Conditions, and Coverage Structuring: Designing the Policy That Fits the Risk
- Chapter 13: The Underwriting Decision: Accept, Decline, or Modify — and How to Defend Your Decision
4
Part III: Part III — Personal Lines Underwriting
6 chapters- Part III — Personal Lines Underwriting
- Chapter 14: Personal Auto Underwriting: Risk Factors, Rating, and Why Your Driving Record Is Not the Only Thing That Matters
- Chapter 15: Homeowners Underwriting: Property, Liability, and the Catastrophe Problem
- Chapter 16: Personal Umbrella and High-Net-Worth Personal Lines
- Chapter 17: Life Insurance Underwriting: Mortality Risk, Medical Evidence, and the Science of How Long You'll Live
- Chapter 18: Health Insurance Underwriting: The ACA Revolution and What Remains of Medical Underwriting
5
Part IV: Part IV — Commercial Lines Underwriting
9 chapters- Part IV — Commercial Lines Underwriting
- Chapter 19: Commercial Property Underwriting: Buildings, Contents, Business Income, and Catastrophe
- Chapter 20: Small Commercial and the Business Owners Policy (BOP): Volume, Speed, and Straight-Through Underwriting
- Chapter 21: Commercial General Liability Underwriting: The Coverage That Protects Against Lawsuits
- Chapter 22: Workers' Compensation Underwriting: The Mandatory Coverage with Unique Rules
- Chapter 23: Commercial Auto and Fleet Underwriting: When Vehicles Are Business Tools
- Chapter 24: Professional and Specialty Lines: Cyber, E&O, D&O, and the Risks That Keep Growing
- Chapter 25: Surety Bonds: Underwriting the Promise to Perform
- Chapter 26: Specialty and Niche Lines: Marine, Aviation, Energy, Crop, and Programs
6
Part V: Part V — Reinsurance, Capital, and Portfolio Management
5 chapters- Part V — Reinsurance, Capital, and Portfolio Management
- Chapter 27: Reinsurance: How Insurers Insure Themselves and Why It Matters for Underwriting
- Chapter 28: Capital, Solvency, and the Cost of Risk: RBC, ERM, and How Much an Insurer Can Hold
- Chapter 29: Portfolio Management: Balancing Growth, Profitability, and Risk Across Your Book of Business
- Chapter 30: Catastrophe Modeling and Accumulation Management: Preparing for the Big One
7
Part VI: Part VI — Data, Technology, and the Future
7 chapters- Part VI — Data, Technology, and the Future
- Chapter 31: Data-Driven Underwriting: How Information Technology Is Transforming Risk Assessment
- Chapter 32: Predictive Modeling for Underwriting: GLMs, Machine Learning, and the Algorithms That Price Risk
- Chapter 33: Fraud, Misrepresentation, and the Special Investigation Unit
- Chapter 34: InsurTech and the Digital Transformation of Insurance
- Chapter 35: Ethics, Bias, and Fairness in Insurance Underwriting
- Chapter 36: The Future of Underwriting: AI, Climate Change, and the Underwriter of 2035
8
Part VII: Part VII — The Underwriting Career
5 chapters- Part VII — The Underwriting Career
- Chapter 37: The Underwriting Career: From Trainee to Chief Underwriting Officer
- Chapter 38: Leading the Underwriting Function: Authority, Appetite, Audit, and Building a Team
- Chapter 39: The Broker-Underwriter Relationship: Your Most Important Professional Partnership
- Chapter 40: Capstone: The Complete Underwriting File — From Submission to Bound Coverage
9
Appendices
14 chapters- Appendix A: Key Formulas and Ratios
- Appendix B: Lines of Business Quick Reference
- Appendix C: The Underwriting File Workbook
- Appendix D: Law and Regulation Reference
- Appendix E: Policy Forms and Endorsements Reference
- Appendix F — Catastrophe and Reinsurance Reference
- Appendix G — Data Science and Python Toolkit
- Appendix H: Rating and Pricing Worked Examples
- Appendix I: Professional Designations and Career Guide
- Appendix J: A Timeline of Insurance and Underwriting
- Answers to Selected Exercises
- Glossary
- Bibliography
- Index
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