Underwriting is the process of evaluating, determining, and assuming the risk associated with insuring a person, property, or event. It involves assessing the level of risk, determining appropriate premiums, and deciding whether or not to accept the insurance application.

Underwriting can be performed by an insurance company or a third-party underwriter and involves analyzing various factors such as age, health status, creditworthiness, and past claims history to determine the risk of insuring a specific person or asset.