Underwriting By Insurer

Front 1

Source of underwriting

Back 1

Include application, medical exam, attending physical statement (APS), Medical inflation bureau (MIB) inspection report and agent report.

Front 2

Application 1

Back 2

Contain question about applicant martial status, gender, residence, date of birth, occupation and present and past insurance.

Front 3

Application 2

Back 3

Contain medical background, medical status of immediate family background.

Front 4

Medical examination

Back 4

Conducted by physician or nurse who provide information regarding applicant current health, include urine sample blood test. Only report that may be copied and made part of the policy. Pay for by the insurer.

Front 5

Attending physician statement (APS)

Back 5

use when individual application or medical report require more information. Applicant must sign a written release to enable a release of the APS. The insurer pays for this.

Front 6

Medical information bureau (MIB)

Back 6

Member-owned corporation that operate on a non profit basis in U.S and Canada. Collect adverse medical information act as an information exchange. Can not be use as the only medical report for rating or denying application.

Front 7

Inspection report

Back 7

General report of applicants finance, character, .or also, work, hobby, and other habits. Can be come ted by insurer or third party.

Front 8

Agent report

Back 8

Personal statement submitted by the producer to the insurer regarding applicant financial condition and knowledge of applicant. Is confidential between producer and insurer, and does not become part of the contract.

Front 9

Underwriting process

Back 9

Selection, classification and rating.

Front 10

Standard risk

Back 10

Individual who have same health, habits, sex/gender and occupation as those reflected in the mortality table. HAVE AVERAGE LIFE EXPECTANCY.

Front 11

Preferred risk

Back 11

Qualify for low premium because of ideal health, height and weight. HAVE A LONGER LIFE EXPECTANCY.

Front 12

Substandard risk

Back 12

Not accepted at standard rate because of poor health, bad habits or occupation hazards..are issue "rated policies" known as surcharge.

Front 13

Surcharges...graded(lien)plan

Back 13

Only premium will be refunded in case of death. Death benefit increase over time..general use with senior life insurance plans to provide minimal benefits without medical exam.

Front 14

Surcahrge...Rated up age

Back 14

Rate an insured at older age than actually age.

Front 15

Surcharge...Flat rate

Back 15

Constant dollar amount added to the standard rate per 1,000 of coverage. Example word be student pilot or hazardousbhibby.

Front 16

Surcharge...The tabular rate

Back 16

Cascaded using table showing past claim history of individual with similar impairment.