FCRA Letters
A federal law that protects consumers whenever a consumer report is used or expected to be used to determine eligibility for such things as insurance.
What is the Fair Credit Reporting Act (FCRA)?
These cases require Adverse letters to be sent to the applicant.
What are substandard, declined, or incompleted cases?
This is defined as a decline or modification of coverage to include removal of optional benefits, adding ratings and/or exclusion riders.
What is an Adverse Underwriting decision/action?
These 2 types of applications require FCRA letters when adverse action is taken.
What are New Business applications and Contract Changes that require underwriting (i.e., Right to Apply)?
The process that allows Underwriters to create any Adverse Letter required for New Business and Contract Changes that we handle in DIPMS.
What is Auto-Corr?
The email address to send Adverse and FCRA letters needing to be mailed out.
What is AdverseLetters@massmutual.com?
This rule requires a letter to be sent to the applicant with an explanation of a rating or declination when information received from MIB caused further investigation of the applicant's insurability.
What is Rule C.4?
Adverse letters are required to be attached here as documentation.
What is DIPMS?
This was founded with the intent to protect insurers and policyholders from fraud including attempts to conceal or omit information by applicants that is material to the underwriting of life, health, disability and long-term care insurance.
What is the Medical Information Bureau (MIB)?
This letter is sent if medical history is not disclosed on the CMI but is noted on the Medical Claims Records, RX Check or MIB and we take action on it.
What is the FCRA letter?
Where an Adverse letter needing a refund is sent.
What is the DI Case Manager board (DINewBusinessCaseManagers@massmutual.com)?
The reason we add certain declined cases to Mass Mutual's Legal Database.
What is a Material Misrepresentation?
The producer must give this form to all proposed insureds for Life, DI and Annuities with WP.
What is the Important Privacy and Consumer Information Form (N2000)?
Based on the applicant's medical history, this information should be included in the final action email to the producer and the Adverse Letter to the client.
What are the conditions for Reconsideration? (Specify when reconsideration is possible, outline the necessary requirements, and ensure that if reconsideration is not available, this information is included in both the final action email and the adverse letter.)
This form allows the Underwriter to disclose/discuss certain unadmitted medical history over the phone and/or in writing to the producer.
What is the Voluntary Authorization to Release Information (FR3010)?