This process evaluates an applicant’s chances of death prior to issuing a policy:

The process that evaluates an applicant’s chances of death prior to issuing a policy is underwriting. Underwriting involves assessing various factors related to an applicant's health, lifestyle, and personal history to determine the level of risk they represent to the insurance company. This assessment is crucial because it influences decisions about policy approval, coverage limits, and premium rates.

In underwriting, insurers look at medical records, the applicant's age, occupation, hobbies, and any existing health conditions to create a comprehensive profile of the applicant's risk. This detailed evaluation allows insurers to make informed decisions about who to insure and under what terms, ensuring that they can manage their risk effectively while providing fair coverage to applicants based on their individual circumstances.

The other processes, such as premium calculation and policy issuance, are subsequent steps in the insurance process that rely on the underwriting evaluation. Premium calculation takes into account the risk determined during underwriting to set a fair price for the policy. Policy issuance is the final step where the insurance contract is formally provided to the applicant, but it cannot occur without the underwriting process first assessing the risk involved.