The Understanding Contracts and Underwriting module provides a foundational exploration into the critical elements of insurance contracts and the underwriting process, key to both compliance and effective client interactions in the insurance industry. It covers the structure and legal principles of insurance agreements, such as offer and acceptance, legal purpose, and insurable interest. The module explains how contracts protect both the insurer and the insured, outlining responsibilities, limitations, exclusions, and the claims process. It also introduces the underwriting process with a focus on Medicare Supplement plans, highlighting how health disclosures, eligibility windows like Guaranteed Issue, and state-specific rules affect applicants. Trainees will gain a deeper understanding of how insurers assess risk, determine eligibility, and enforce contract terms to maintain actuarial balance. This knowledge helps agents set proper client expectations, navigate coverage transitions, and better advocate for members, laying the groundwork for successful plan recommendations and ethical sales practices.