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3 Cards in this Set
- Front
- Back
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once an underwriting has reviewed the the applicant app. they put those new app in four ways to classify that applicant for health coverage.
PREFFERED RISK, STANDARD RISK, SUBSTANDARD RISK, UNINSURABLE RISK. |
"standard risk" applicant are usually issued a policy at standard terms and rates.
"preferred risk" generally receive lower rates than "standard risks" because those ppl in that class have a better_than_standard risk profile. "UNINSURABLE applicants " usually reject and denied coverage. "substandard risk applicants" those who have a higher-than-average risk for one or more reasons. they are treated differently. "substandard applicants" may represent a very low risk on moral and occupational consideration but those ppl have a high risk because of their physical condition. |
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if the underwriting does not reject that app they also could determine by 3 other techniques for those substandard risk
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an exclusion or impairment rider or waiver policy... like a rule attach to that entire contract. or they could charge extra premium or limited the type of policy.
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determine premium factors
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whereareas mortality deals with the average # of ppl in a large group who can expect to die with in a given yr at any age.
morbidity rates indicated the average of # at various age ones can be expected to become disable each yr due to accident or sickness. |
