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Financial underwriting is a critical part of the underwriting process that examines the economic feasibility of the case at hand — allowing the underwriter to identify and verify insurable interest and assess face amount suitability at the time of application. The underwriter needs to have a clear understanding of the purpose of the life insurance policy, which in turn indicates what to look for in financially justifying the case.
Knowing what to expect can help you be prepared and will assist in streamlining the application process. Financial underwriting for the purposes of life insurance coverage can be broken down into two categories, Personal Insurance and Business Coverage.