Which of these terms accurately defines an underwriter's assessment of information on a life insurance application?

The term that accurately defines an underwriter's assessment of information on a life insurance application is risk classification. This process involves evaluating the applicant's health status, lifestyle, occupation, and other relevant factors to assign them to a specific risk category. By classifying the risk, underwriters can determine the likelihood of a claim being made and set premiums accordingly. This ensures that the insurer can maintain profitability while providing coverage to policyholders.

The other terms, while related to the insurance process, do not specifically describe the underwriter's role in evaluating risk. Policy evaluation typically involves analyzing the features, terms, and conditions of a specific policy after underwriting is completed. Coverage determination refers to deciding the types and amounts of coverage appropriate for the insured but doesn't pertain directly to the assessment phase. Benefit assessment is more about evaluating the payout or benefits that would be triggered under a policy rather than the underwriting process of assessing risk. Thus, risk classification is the precise term that highlights the underwriter's main function in processing life insurance applications.