Underwriting specialist Interview Questions
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Underwriting Specialist interview questions shared by candidates
1. What do you know about State Farm ? 2. Do you have any knowledge of what an Underwriting Assistant does ? 3. Give an example of when you had a difficult customer or coworker. How did you handle the situation and what was the outcome ? 4. Name an experience where you used multiple technologies. 5. Tell us about yourself. 6. Name a time where you lead a team and the details.
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I have had IT experience for the past 15 years. I was looking forward to trying a new field within the insurance company and had hoped this position I applied for was entry level enough that I could be trained and get some experience. I will keep trying ! Less
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All these interview questions are for interviews at State Farm. Does anyone have an answers from the questions? Less
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I wish I knew also ! I didn't get the job so I either answered incorrectly, or didn't have the qualifications on my resume'. :( Less
describe a time you went above and beyond for a customer
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Still says being reviewed by the hiring manager
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Have you gotten an offer letter yet?
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Update; I received confirmation of being selected for this position. The process started with me applying July 7th and finding out today, nearly a month after my person-to-person interview. Less
If a company agrees to purchase a service from your company next year, how would you book the accounting transaction?
3 Answers↳
Debit cash or AR then credit Unearned Revenue as a liability.
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You wouldn't record anything because a promise isn't worth anything unlease one side completes their side of the agreement. In this example if the company were to give you a payment for a service next year then then you would book it as an unearned revenue under liabilities while the customer records it as a prepaid expense under assets Less
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Having taken 2 basic accounting classes as an undergrad 6 years prior to the interview, I didn't really remember how to answer this question correctly. I assume this is the reason the interview process stopped after the phone interview. Less
Be as detailed as possible with situations from previous employment.
3 Answers
If you were given an assignment you know you cannot complete on time, what would you do?
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I would confirm the deadline and what is required. Then confirm if the task is transferable. If that is not doable I would ask what is the priority of the task and if it is a hot button issue I would ask if my other task can be re-prioritized or given to another associate to complete. Less
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I would solicit assistance from a team member to see if they had the capacity to complete the task; then I would alert my manager that I would not be able to complete the task by the deadline. However, I have asked So and so and they have the capacity to complete the task by such and such and then transfer the task. Less
This was the first question: Please tell me about yourself.
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Following STAR, I took the opportunity to discuss who I am. I followed information from my resume top down filling in potential gaps to further distinguish myself from others. Less
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What does your status say on the careers site? Any offer yet?
Some ridiculous mind teaser - math question meant to stump you. Not hard but be ready to think on your toes
2 Answers↳
Dont remember but I made a joke and got it correct
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Did you interview in January 2017 or January 2018? I applied for this job also through a recruiter and now I am weary. Please help! Less
For a business wanting to take out a loan, what 3 financial equations would you use to decide if it was credit worthy or not?
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Some stuff I found online about financial equations used in underwriting... (1) Debt to Equity Ratio = Monthly Debt Payments / Gross Monthly Income * basically calculates the ability to pay back loan * the smaller the ratio, the better (ideally below 37%)... the more income the client has to cover the debt payments, the better * GROSS means before-tax (2) Loan to Value Ratio = Loan Amount / Value of Collateral * if LTV ratio is outside of lender's parameters, a higher down payment could be required * using collateral could be less risky than something unsecured like a credit card * the higher the LTV, the riskier the loan is for the lender * sometimes institutions will still grant a loan with high LTV if prospective client has good credit score and mortgage history but will probably require insurance Still not sure what a Less
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Some stuff I found online about financial equations used in underwriting... (1) Debt to Equity Ratio = Monthly Debt Payments / Gross Monthly Income * basically calculates the ability to pay back loan * the smaller the ratio, the better (ideally below 37%)... the more income the client has to cover the debt payments, the better * GROSS means before-tax (2) Loan to Value Ratio = Loan Amount / Value of Collateral * if LTV ratio is outside of lender's parameters, a higher down payment could be required * using collateral could be less risky than something unsecured like a credit card * the higher the LTV, the riskier the loan is for the lender * sometimes institutions will still grant a loan with high LTV if prospective client has good credit score and mortgage history but will probably require insurance Still not sure what a Less