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10 Cards in this Set

  • Front
  • Back
underwriting individual health insurance is
the process of selecting and classifying risks
underwriter weighs in on following factors
1. age and sex
2. occupation and activities outside of work
3. physical condition and past medical history
4. habits and lifestyle
underwriters rely heavily on (6 things)
1 agent/ producer report- agents personal opinions and observations
2. attending physicians statement- info about medical history or a medical condition
3. medical info bureau- non profit agency collecting medical info about insurance applicants and makes it available to member companies when asked. only for underwriting or assessing claims
4. investigative consumer reports- personal history and lifestyle and financial condition
5. Location- can be a risk factor and premium price
6. Credit reports- credit score
insurable interest
party getting accident or health insurance must expect a financial loss from insureds death
parties allowed to have insurable interest
1. individuals in themselves
2. spouses in each other
3. parents in their children
4. children in their parents or grandparents .
4 levels of certain risk
1 declined
2 substandard
3. standard
4. preferred
no medical underwriting is what
cant reject a application based on person health nor can raise premium on those persons. insurers must use a community rate
health insurance premiums are made of 2 parts
1 expected cost of covering policy benefits
2. insurers expenses and profit goal (Load) 35 to 40% of premium cost is the load
morbidity rate
average number of persons at various ages that will become disabled. also indicate how long disablility will last.
unearned premium
portion of paid premium representing future coverage. as premium passes, unearned becomes earned premium