1. A method for underwriting an insurance application comprising the steps of: receiving a request to underwrite an insurance application, where the request includes information about at least one application component; evaluating the at least one application component based on at least one rule associated with the at least one application component; assigning a measurement to the at least one application component; and assigning the at least one application component to a specific component category out of a plurality of component categories based on the assigned measurement.