Policy Documents
This is the purpose of ACORD forms and Certificates of Insurance (COIs), in relation to third parties
What is provide proof of insurance coverages for third parties (such as lienholders, lessors, mortgagees, and certificate holders) to meet the requirements in the policy/contract terms?
In the workflow, this is the first requirement when you need “approval to quote” but must keep Service in the contact.
What is determining eligibility while keeping Service in the contact? (Service stays on the contact/thread while Underwriting determines eligibility.)
When an existing homeowners customer wants to update their deductible, we should confirm this before submitting the request.
What is confirming the desired deductible is available (using the Underwriting Resource chart) before submitting the change request?
In Alabama, if a home is being built (or has recently been built) to IBHS Gold specifications, but documentation is not yet available, this hurricane deductible exception can be made—and this must be obtained before renewal. (2 Answers)
What is a2% hurricane deductible exception may be used while IBHS Gold documentation is pending?; What is the required IBHS Gold documentation must be obtained prior to the first renewal (otherwise hurricane deductible will be raised)?
This is the main purpose of the Investigative Underwriting Team (IUT).
What is identifying possible fraud and helping mitigate fraud exposure through appropriate underwriting action/recommendations?
Say you need to provide proof of liability coverage to a third party for an Auto/Workers Comp type policy. This form is typically used (ACORD 23, 24, or 25); for this reason.
What is ACORD 25, and why is it to provide liability proof on liability policies (including Private Passenger Auto, Commercial Auto, CMP, CLUP/PLUP, and Workers Compensation) when the third party is requesting liability proof (e.g., additional insured/certificate holder/lessor)?
For a Voice request of “Approval to quote,” this is key information that Underwriting should include.
What is the eligibility / PAP class / appropriate deductible / quote details, etc?
This is where you can find the chart of available homeowners deductibles, and we should not use this as the source, for this reason. (2 answers)
What is the Homeowners Underwriting Resource and what is the rate manual because it may contain deductibles that can’t be used for new business or certain existing-policy transactions.
In Alabama, when remarks indicate IBHS Gold construction is planned/complete, these two discount/compliance items should be removed if they are present.
During a Voice approval-to-quote call, this instruction is given regarding EUR results when determining eligibility.
What is reviewing EUR results when determining eligibility; otherwise following normal eligibility guidelines?
In this case, we'd use ACORD 23 (Vehicle or Special Equipment COI) rather than ACORD 25.
What is when requesting proof for vehicles/special equipment and the requester is a lienholder/lessor/loss payee for that vehicle/equipment? NOTE: It’s not a replacement for ID cards/binder receipts, and for liability requests that don’t fit this description.
After Underwriting grants approval to quote in Voice, Underwriting must do this to ensure the policy reflects the approval.
What is documenting the policy approval to quote?
A customer wants to enroll in Trupanion. List two ways they can enroll (from the provided options).
In Alabama, the policy note should include this after approving the exception when IBHS Gold documentation is not yet available. (Include the key deductible language)
What is this key requirement:
“5% hurricane deductible required; IBHS Gold documentation not yet available. Required documentation must be obtained prior to renewal, otherwise hurricane deductible will be raised to 5% at renewal.”?
In Alaska Renewal Business Underwriting Survey (RBUS) for wood shake/shingle roofs in WF risk level 3 or 4:
A customer needs a COI for property coverages for a third party like a mortgagee/loss payee on a Commercial Lines policy. This form should be used: (ACORD 27 or ACORD 28), and these limitations apply regarding condo-unit owner closings.
What is ACORD 28, and isn't it for Commercial Lines property evidence for mortgagees/additional insureds/loss payees on commercial real property/business personal property? NOTE: Limitation; should not be used for condo-unit owner closings (use the condo COI process/tool that generates ACORD 24 & 101 for condo closings).
If no screens are available during a Voice approval-to-quote situation, these two actions are required: OSC case + reassignment. Who is the case is reassigned to?
What is a Fire Service TL?
Two of these potential triggers that may warrant sending an Investigative Underwriting Referral.
In Alaska, for the poor-condition roof scenario, the GFU code “set ‘0UDN’ with manually entered trigger date” accomplishes this in the workflow.
What is setting 0UDN with a manually entered trigger date creates the underwriting “trigger” behavior needed so the follow-up/requirement evidence is tracked for the next renewal timing (i.e., to ensure compliance is addressed during the allowed renewal period)?
This instruction is given regarding the ECC Retention II / appeals process—specifically, what agents should not do with customers.
What is not discussing the appeals process with customers, and referring the customer to their agent and not advising that their agent will be able to appeal underwriting decisions?
A third party needs a certificate of property coverage and your agent determines the request “should satisfy the majority of property certificate requests.” This ACORD form is the default choice in that situation, and is used for these two “enhanced” on-demand options; may also exist for certain Fire/condo scenarios.
What is the default “majority” property certificate request form; ACORD 24?
What are the enhanced options mentioned?
For Chat where approval to quote is granted, Underwriting must do this before transferring back to Service.
What is note the policy with approval details (including approval-to-quote details) before transferring back to Service?
Describe the Agent Appeals Process for Non-Renewal of Existing Policy in the correct order of steps (include timing and what Underwriting does).
In Arizona, if the customer’s only prior loss(es) was CWP, it should be coded this way as PCL, and this special instruction we must remember regarding the customer returning after more than 30 days TOOF.
What is Arizona prior loss coding + TOOF credit?: