Question

Identify four types of the seven 'internal sources of information' available to an underwriter:

a) Application forms, loss history reports, inspection reports, financial statements
b) Public records, credit reports, social media, police reports
c) Medical records, employment history, educational records, tax returns

Answer 1

The four types of internal sources of information available to an underwriter are application forms, loss history reports, inspection reports, and financial statements.

Step-by-step explanation:

The four types of internal sources of information available to an underwriter are:

1. Application forms: These forms are filled out by individuals or businesses seeking insurance. They provide information about the applicant's personal or business details.
2. Loss history reports: These reports detail any past losses the applicant has had. They help the underwriter assess the level of risk associated with providing insurance.
3. Inspection reports: These reports involve a physical inspection of the applicant's property or assets. They provide information about the condition or value of the assets being insured.
4. Financial statements: These statements provide a financial overview of the applicant's business, including income, expenses, and assets.