The person who undertakes any risk in insurance business is known as

Assessment: JAMB UTME - Commerce - 1997 Subject: Commerce

Question 1 Report

The person who undertakes any risk in insurance business is known as
Answer Details
In insurance business, the person who takes the financial risk by agreeing to compensate the insured person or entity for any loss or damage covered by the insurance policy is known as an underwriter. The underwriter evaluates the risks involved and decides whether to issue the insurance policy and at what premium. They assume the financial risk in exchange for the premium paid by the insured. An underwriter can be an individual or a company.
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