Definition of 'Insurance Underwriter'

A financial professional that evaluates the risks of insuring a particular person or asset and uses that
information to set premium pricing for insurance policies. Insurance underwriters are employed by
insurance companies to help price life insurance, health insurance, property/casualty insurance and
homeowners insurance, among others.

Underwriters use computer programs and actuarial data to determine the likelihood and magnitude of
a payout over the life of the policy. Higher-risk individuals and assets will have to pay more in
premiums to receive the same level of protection as a (perceived) lower-risk person or asset.

Insurance underwriting
Insurance underwriters evaluate the risk and exposures of potential clients. They decide how much coverage the client
should receive, how much they should pay for it, or whether even to accept the risk and insure them. Underwriting involves
measuring risk exposure and determining the premium that needs to be charged to insure that risk. The function of the
underwriter is to protect the company's book of business from risks that they feel will make a loss and issue insurance
policies at a premium that is commensurate with the exposure presented by a risk.

Each insurance company has its own set of underwriting guidelines to help the underwriter determine whether or not the
company should accept the risk. The information used to evaluate the risk of an applicant for insurance will depend on the
type of coverage involved. For example, in underwriting automobile coverage, an individual's driving record is critical. As part
of the underwriting process for life or health insurance, medical underwriting may be used to examine the applicant's health
status (other factors may be considered as well, such as age & occupation). The factors that insurers use to classify risks
should be objective, clearly related to the likely cost of providing coverage, practical to administer, consistent with applicable
law, and designed to protect the long-term viability of the insurance program.[1]

Quality assurance (QA) refers to the planned and systematic activities implemented in a quality system so that quality
requirements for a product or service will be fulfilled.[1] It is the systematic measurement, comparison with a standard,
monitoring of processes and an associated feedback loop that confers error prevention.[2]

This can be contrasted with quality control, which is focused on process outputs.

Two principles included in QA are: "Fit for purpose", the product should be suitable for the intended purpose; and "Right
first time", mistakes should be eliminated.

QA includes management of the quality of raw materials, assemblies, products and components, services related to
production, and management, production and inspection processes.

What is the difference between verification and validation?

http://softwaretestingfundamentals.com/verification-vs-validation/ (read fully for testing)

http://softwaretestingfundamentals.com/software-development-life-cycle/

Criteria Verification Validation

Definition The process of evaluating work- The process of evaluating software
products (not the actual final during or at the end of the
 product) of a development phase to
determine whether they meet the
specified requirements for that
phase.
Objective To ensure that the product is being
built according to the requirements
and design specifications. In other
words, to ensure that work products
meet their specified requirements.
Question Are we building the product right?
Idea implemented rightly
Evaluatio Plans, Requirement Specs, Design
n Items Specs, Code, Test Cases
Activities  Reviews
 Walkthroughs
 Inspections
development process to determine
whether it satisfies specified
business requirements.
To ensure that the product actually
meets the user’s needs, and that the
specifications were correct in the
first place. In other words, to
demonstrate that the product fulfills
its intended use when placed in its
intended environment.
Are we building the right product?
idea
The actual product/software.
 Testing