Need help determining a rate class for your client?
These handy one-page questionnaires allow you to ask the absolute basic information about a clientâ€™s known health issue, which in turn provides us with the necessary information to obtain tentative ratings from carriers.
In the underwriting section of our website (www.provada.com => Log In => Tools => Insurance Brokerage => Underwriting) you will find quite a selection of quick quote forms for various health impairments that you may access when trying to determine a rate class for your client.
The questionnaire may be completed by your client, or you may ask the questions yourself - No signature required.
What Carriers look for when underwriting controlled impairments
Controlled Impairments Play a Key Role in Underwriting
When it comes to underwriting underwriter's have a few tips to help you understand how controlled impairments are viewed - which in turn may help your life cases.
To underwriters, controlled impairments like the one's below indicate positive factors:
- Later age of onset of disease
- Compliance, stability, regular medical follow-up
- Risk-factor modification/clinical stability and improvement
In addition, they consider a possible range of ranting:
FIELD UNDERWRITING GUIDE TIP #2: Three Simple Tips to Eliminate Underwriting Delays
ELIMINATE UNDERWRITNG DELAYS
Common areas often overlooked:
- Completing a signature everywhere a signature is asked.
- If a question is answered with a "yes," details regarding that question need to also be provided.
- Checks to make sure all dates on the application are the same.
- For example, First Colony will refund a check if the date on the check is different than the date on the conditional receipt.
2) Doctor Information that is often not included:
- Telephone number
- Date of last visit
- Reason for last visit
FEILD UNDERWRITING GUIDE TIP # 1: Create A Flawless Cover Letter
1. CREATE A FLAWLESS COVER LETTER
Field Underwriting guide provide tips and instances when including a cover letter is crucial and/or necessary to the case, such as when:
Understanding the Underwriting Process and Timeline
Knowing the basic timeline prior to submitting a case allows you to set expectations, which gives you and your client a better idea of what to expect. Below is the process and timeline we utilize at Provada, which is fairly typical of well-run Brokerage General Agencies. The first part of this post is specific to life insurance policies while life settlement processing is discussed at the end.
- Allow 4-6 weeks for a simple application.
- Most Brokerage General Agencies (BGAs) process applications within 24 hours of receipt.
- If medical records are required, allow for 2 additional weeks. This can vary depending on the applicant’s doctor’s ability to get the records out to the BGA.
- Clients are typically contacted by the paramedical firm with 24 hours of the requirements being ordered.
- BGAs are typically updated weekly by the paramedical facility.
- Once the exam is completed, results are received within 5-7 working days.
- An average turn around time of 10-14 working days for medical records ordered from doctors and medical facilities.