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Underwriting terminology

Author: demarco mel
Description: Match the common underwriting terminology to its meaning. You have 5 minutes to complete this activity. At the end of this learning activity, the learner will be able to identify common underwriting terminology.
Keywords: , , , , , , online teaching

Content:
Definitions:
0. Premium
1. 15%25 loader
2. LVR
3. NDI
4. Cancelled status
5. Servicability
6. In_Progress status
7. Approved status
8. API
9. 5%25 loader
10. 10%25 loader
11. Variation
12. 3%25 loader
13. 6%25 loader
14. In_force status
15. 20%25 discount

Answers:
0. Net Disposible Income
1. A change made to an existing policy
2. The capacity to service the loan
3. Loan term between 30-35 years
4. Loan to Value Ratio
5. Australian Property Institute
6. Loan term between 35-40 years
7. An approved policy awaiting premium payment
8. External refinance
9. A policy that has not been finalised
10. Investment loan purpose
11. Staff loans
12. The payment allocated for mortgage insurance
13. A policy that has been cancelled
14. Self employed loader
15. Premium has been paid on the policy
.