Philip Deramo - How Underwriting Works

Philip Deramo has extensive experience in insurance underwriting, and he knows it’s an essential aspect of the insurance application process. When an individual makes an application for insurance coverage, he/she is asking the insurance company to take on the potential of having to pay a future claim against the insured risk.

In some instances, like life insurance, the claims can be quite expensive. It is very important that the insurance company not take on great risks during the application process, which is where underwriting comes in.

What is underwriting?

In a nutshell, underwriting refers to the process of evaluating the potential risks that are associated when considering an insurance applicant. During the underwriting process, important decisions such as the value of coverage and premiums to be paid are considered against a number of factors. The work of an underwriter like Philip Deramo is to attempt to protect his insurance company’s books from risks that can cause losses. With this in mind, it’s quite possible for an applicant to be denied coverage if they present too high of a risk.

Factors to consider

Continuing with the life insurance example mentioned before, various factors will be considered. For starters, the underwriter will want to consider the probability of the applicant living longer than the average life expectancy. Underwriters will also consider factors that can cause the applicant not to realize their life expectancy, including (but not limited to) history of health issues, current occupation, income and lifestyle habits, among others.

Philip Deramo - Finding a Balance between Work and Life is Important to Success

Working extra hours at the office is something Philip Deramo is accustomed to. Ever since he finished graduate school and got into the “real world”, he’s worked extra hours to improve his skills and knowledge. However, he has always appreciated the value of having the right balance between work and life. While many employees in the modern world might find this elusive, Deramo knows it is achievable with the right attitude.

Philip Deramo

 First, it’s important for individuals to understand that a work-life balance goes beyond having a nice benefits package at work. Some employers may offer flexible work schedules and tack on impressive benefits, but these only help you manage your life. To achieve a good balance, you have to steer your life in the right direction.

It’s not easy for many people to come to such a conclusion, thanks in part to messages such as “It’s a tough economy to find work in,” or “Be grateful for having a job.” They might be true, but they are no reasons to focus too much on one area and forget on other crucial aspects of life. Valuing work over good physical, mental and emotional health is wrong. Living each day to “meet expectations and deadlines is akin to living in survival mode, and contributes little towards a healthy balance.

To find the right balance requires shifting perceptions from surviving to enjoying life. Just like you have career goals that you strive for, having goals that improve your health, mental capacity and social life enable you to enjoy life.