Underwriting Basics
The is the fundamental purpose of life insurance underwriting.
What is assessing risk?
Part A of the life insurance application is simply known as this.
What is the application?
These are the four primary underwriting decisions.
What are offer, decline, decline with reconsideration, and postpone?
This is Nationwide's best possible rate and it is not available with tobacco rate.
What is Preferred Plus?
This Nationwide process is designed to steamline life insurance underwriting for agents and clients.
What is Intelligent Underwriting?
When reviewing a client, the underwriter may make one of these three actions on the application.
What is rate, postpone, or decline?
Part B of the application focuses on this type of information.
What is health information?
This decision means the case is a straight decline with no reconsideration.
What is decline?
Tobacco rates are available for these 3 standard rate classes.
One benefit of Intelligent Underwriting is a faster time to this.
What is an underwriting decision?
Along with health risk, Nationwide also evaluates this type of risk when underwriting a client.
What is financial risk?
This report identified medical conditions an applicant has been treated for.
What is the MIB (Medical Information Bureau Report)?
This decision is used when the current risk is unacceptable to temporary reasons that may change later.
What is postpone?
A client who does not qualify for one of the four standard rates may receive this instead of decline.
For some of the healthiest clients, Intelligent Underwriting can eliminate the need for these.
What are exams and labs?
In most cases, underwriting is looking for this amount of history.
What is five years?
This report is ordered on every application over the age of majority and reviews driving history.
What is MVR (Motor Vehicle Report)?
This letter is generated for declines and can used to see the stated reason.
What is the Adverse Action Letter?
Rated offer generally begin at this table level and continue through table L. Any rate over L will generally, but not always, be declined.
What is Table B?
Underwriters contact these company(ies) when risk is fully or partially unacceptable to Nationwide,
What are reinsurance partners?
This quality is important because applicants need to give truthful and complete information during underwriting.
What is candor?
An applicant can be declined based solely on the results of this check.
What is Credit Check (Risk Classifier)?
This status may appear when an underwriting decision has not yet been made.
What is incomplete?
These rated policies are identified with this letter.
What is an Adverse Action Letter?
These are Nationwide's primary reinsurance partners mentioned in the lesson.
What are GenRe, SwissRe, and Hanover?