Small Business Guide To Commercial Insurance

42 Underwrite The process to evaluate the insurance application and independent sources in order to verify the information provided and to determine the acceptability of the risk. Underwriter The person who performs the underwriting process to accept, reject, or modify risks on behalf of the insurer. Unearned Premium The portion of the written premium applicable to the unexpired or unused part of the policy period for which the premium has been paid. For example, in an annual premium policy 11/12 of the premium is unearned at the end of the first month of the policy. Waiver The relinquishment of a known right, which may be expressed or implied. Written Premium The total premium on all policies written by an insurer during a specified period of time, regardless of what portion has been earned.