What is the underwriting process step that does not belong in the basic steps?

The underwriting process consists of several essential steps that aim to assess and determine the risk associated with insuring a potential policyholder. Among these steps, gathering necessary information, implementing the decision, and monitoring the decision are foundational components that contribute to making informed underwriting choices.

Issuing the rate, however, is not a basic step in the underwriting process. While setting a rate is indeed a crucial part of the overall insurance process, it typically occurs after the evaluation of the risk has been completed. This involves considering the information gathered during the underwriting phase, assessing the risk, and then determining a suitable premium based on that risk assessment.

The steps in the underwriting process focus more on analyzing and making decisions based on the risk, rather than the actual pricing of that risk. Therefore, issuing the rate is a subsequent action that follows the completion of the underwriting steps, not a step within the basic underwriting process itself.