underwriting suzy saxon second vice-president
DESCRIPTION
Underwriting Suzy Saxon Second Vice-President. TMK1536 092910. Agent training only. Not for sales use. Agents are Field Underwriters. Agent's responsibility to collect accurate and complete information from the applicant This helps the Agent: Get policies issued quicker Get paid quicker - PowerPoint PPT PresentationTRANSCRIPT
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TMK1536 092910 Agent training only. Not for sales use.
Underwriting
Suzy SaxonSecond Vice-President
TMK1536 092910 Agent training only. Not for sales use.
![Page 2: Underwriting Suzy Saxon Second Vice-President](https://reader035.vdocuments.site/reader035/viewer/2022062720/568133d2550346895d9ac886/html5/thumbnails/2.jpg)
TMK1536 092910 Agent training only. Not for sales use.
Agents are Field Underwriters
• Agent's responsibility to collect accurate and complete information from the applicant
• This helps the Agent: Get policies issued quicker Get paid quicker Reduce follow-up work Reduce declines, cancels, and not-takens Increase bonus and renewals Make more money!
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TMK1536 092910 Agent training only. Not for sales use.
Product Suitability
• You should determine in each case that any policy sold is suitable to the needs of the applicant
• You should consider such issues as: Proposed insured's financial condition Need for insurance Values, benefits, and surrender charges in
relation to any existing coverage Whether in the totality of each applicant's
circumstances, the sale is suitable
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TMK1536 092910 Agent training only. Not for sales use.
Instructions to Agents for all Applications
• Read health questions as they appear• Ask applicant for explanations to 'Yes' answers• Complete 'Explanations' section for every 'Yes'
answer• If additional explanation required, attach Cover
Letter to the application• The more information you can provide regarding
'Yes' answers to health questions, the more successful you will be in effectively submitting the application
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TMK1536 092910 Agent training only. Not for sales use.
Agent Statement
• Make sure they understand the difference between the Applicant and Proposed Insured
• Did you see the Proposed Insured?
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TMK1536 092910 Agent training only. Not for sales use.
Instructions to Agents (Continued)
• Life Insurance policies go through an underwriting process
• Underwriters may request additional information, so let applicant know they may receive call
• Underwriters ultimately determine insurability• Process determines amount of rated premium• Agents should not make promises to applicants
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TMK1536 092910 Agent training only. Not for sales use.
Underwriting Requirements
• Info Agent• Oral Specimen• HIV Consent Form• MVR• Rip Call (QAC)• IBU• Inspection-SBSI• Criminal Records Check
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TMK1536 092910 Agent training only. Not for sales use.
Underwriting Requirements Continued
• APS Thru AI Records• Paramed• Blood Profile• Urine Specimen• Electrocardiogram• Treadmill EKG• Fingerstick Test• HO Handling
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TMK1536 092910 Agent training only. Not for sales use.
SAM E-mails
Daily around midnight for apps uploaded before 3:30 p.m.
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TMK1536 092910 Agent training only. Not for sales use.
OI125001 (OI125002) New Business Status Report
Weekly
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TMK1536 092910 Agent training only. Not for sales use.
LNL New Business Status Report
• APS – Attending Physician Statement• MVR – Motor Vehicle Report• PARAMED – Medical tests required• ADDIT EXAM• ORAL SWAB• COD REMITTANCE• INFO AGENT
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TMK1536 092910 Agent training only. Not for sales use.
Underwriting Requirements
Underwriting requirements may be requested on any proposed insured on the app. If the app contains a spouse rider, the requirement will indicate whether the requirement is on the insured or the spouse.
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TMK1536 092910 Agent training only. Not for sales use.
Info Agent
Can be any message from Underwriting, such as a request for the proposed insured’s doctor’s name, address, and telephone number or a message indicating that the case requirements are under another file number when more than one case is submitted on the same proposed insured at the same time.
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TMK1536 092910 Agent training only. Not for sales use.
Underwriting Requirements
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TMK1536 092910 Agent training only. Not for sales use.
Oral Specimen
Indicates that Underwriting is pending for the oral specimen lab results that the Agent took at app time, provided the barcode number on the app, and mailed immediately to the lab Note: if the app does not provide the barcode number, the following message will be sent to the Branch with the oral specimen requirement:
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TMK1536 092910 Agent training only. Not for sales use.
Oral Specimen
Please advise barcode number of oral and date it was completed. We will pend 7 days. If the barcode number or the oral specimen results are not received within 7 days, Underwriting has two options:1.Will cancel if the face amount is less than $100,000.2.Will order an exam with blood profile and urine specimen if the face amount is $100,000+. Underwriting will still accept the oral instead of the exam if the oral specimen is obtained and the barcode number provided to Underwriting before the exam is completed.
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TMK1536 092910 Agent training only. Not for sales use.
HIV Consent Form
The form that must be completed and signed in states that require this form. If this requirement is received along with the oral specimen requirement, it is for the Agent to obtain. If this requirement is received along with exam requirements, it is for the examiner to obtain.
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TMK1536 092910 Agent training only. Not for sales use.
HIV Consent Form
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TMK1536 092910 Agent training only. Not for sales use.
MVR
Motor vehicle report Underwriting requests this from an outside vendor.
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TMK1536 092910 Agent training only. Not for sales use.
Rip Call (QAC)
Indicates that Underwriting has requested a telephone interview to be completed through our QAC department. If the interview has not been completed within 7 days, the following message will be sent out to the Branch: Attempts to contact applicant at given number have been unsuccessful. Please have applicant call 1-800-288-4265 to complete the phone inspection.
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TMK1536 092910 Agent training only. Not for sales use.
IBU (Interview by Underwriter)
Indicates that Underwriting has requested a telephone interview to be completed through an outside vendor. Not all cases are sent to the same IBU Underwriter for handling, so initially the requirement will only indicate “IBU.”
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TMK1536 092910 Agent training only. Not for sales use.
IBU (Interview by Underwriter)
If the interview has not been completed within 7 days, the following message will be sent out to the Branch:
Please have the PI call 1-XXX-XXX-XXXX to complete the IBU. We will pend 7 days. The toll-free number will be specific to each case according to which IBU underwriter is to be contacted.
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TMK1536 092910 Agent training only. Not for sales use.
Inspection – SBSI
Indicates that Underwriting has requested a telephone inspection interview through an outside vendor. If the interview has not been completed within 7 days, the following message will be sent to the Branch: Attempts to contact applicant at given number have been unsuccessful. Please have applicant call 1-800-444-7274 ext. 1 to complete the phone inspection with SBSI.
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TMK1536 092910 Agent training only. Not for sales use.
Criminal Records Check
Indicates that Underwriting has ordered a criminal records check through an outside vendor.
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TMK1536 092910 Agent training only. Not for sales use.
APS Through AI Records
Indicates that Underwriting has requested an attending physician’s statement on the proposed insured through AI Records. It will also indicate the name of the doctor or facility from which the records were requested.
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TMK1536 092910 Agent training only. Not for sales use.
APS Through AI Records
AI Records contact information:
Website: https://prodwebapps.ailife.com/apsweb/login.aspx Username: libertyPassword: national1 Phone #: 866-922-6453Email address: [email protected]
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TMK1536 092910 Agent training only. Not for sales use.
Underwriting
ParamedBlood ProfileUrine SpecimenElectrocardiogramTreadmill EKGFingerstick TestHIV Consent Form
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TMK1536 092910 Agent training only. Not for sales use.
Paramed
Indicates that Underwriting has requested an exam in combination with the other requirements such as blood profile, urine specimen, electrocardiogram, etc. through one of three outside exam companies
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TMK1536 092910 Agent training only. Not for sales use.
Paramed
Portamedic’s contact information:Phone #: 866-335-5575Website: www.portamedic.com
EMSI’s contact information:Phone #: 800-872-3674Website: www.emsinet.com ExamOne’s contact information:Phone #: 877-93-exam1 or 877-933-9261Website: www.myexamone.com
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TMK1536 092910 Agent training only. Not for sales use.
Paramed
Note: If the exam company has been unsuccessful in scheduling the exam within 14 days, the Branch will receive the following message:
Please assist in getting the exam scheduled and completed. We will pend 7 days.
(We will pend longer only if the exam has been completed or at least scheduled)
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TMK1536 092910 Agent training only. Not for sales use.
Agents Instruction Guide
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TMK1536 092910 Agent training only. Not for sales use.
Field Underwriting
Applicants with the following conditions will be automatically declined.
Terminal IllnessLou Gehrig’s Disease or Amyotrophic Lateral Sclerosis (ALS)HIV / AIDS or Positive Test to Antibodies for AIDS virusAlzheimer’s Disease or Senile DementiaConfined to a hospital or nursing facilityUse of illegal drugs within a two-year periodConfined to jail
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TMK1536 092910 Agent training only. Not for sales use.
Field Underwriting
Do not submit an application for standard issue for the following conditions.
An ALX will be considered if the underwriters determine the proposed insured is eligible for coverage.
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TMK1536 092910 Agent training only. Not for sales use.
Field Underwriting
Heart / Circulatory / Blood Disorders:
Congestive Heart Failure within 1 yearDefibrillator ImplantAngioplasty, Coronary Bypass, Heart Attack or Diagnosis of Angina within last 6 monthsCoronary Artery Disease and Heart Valve ReplacementMore than 2 Heart AttacksHeart Attack, Bypass or Stroke and still smokesMore than 1 strokeSickle Cell Anemia
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TMK1536 092910 Agent training only. Not for sales use.
Field Underwriting
Diabetes and Related Disorders:
Diabetes and Kidney Disease (App may be submitted if the proposed insured has diabetes without a related condition)Insulin-dependent Diabetes and No Doctor consulted within last two years
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TMK1536 092910 Agent training only. Not for sales use.
Field Underwriting
Cancers:
Cancer, other than skin, last treatment within 12 monthsMetastatic Cancer (spread to other sites) within 10 yearsHodgkin’s Disease, last treatment within 2 yearsLeukemia Diagnosed prior to age 50
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TMK1536 092910 Agent training only. Not for sales use.
Field Underwriting
Misc. Medical Disorders:
CirrhosisCystic FibrosisDepression - hospitalized within 6 months - or unable to workSuicide Attempt within 5 yearsEmphysema or Chronic Lung Disease using Home OxygenKidney DialysisTransplant Recipient of any major organ (except Kidney Transplant)
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TMK1536 092910 Agent training only. Not for sales use.
Additional Field Underwriting
Do not submit an application for standard issue if the medical condition is disabling:
Example: Disabled due to …•High Blood Pressure•Diabetes•Cancer History•Stroke
Exception: Not all disability due to back disorder requires an ALX
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TMK1536 092910 Agent training only. Not for sales use.
Policy Issue
• Issued as Applied For• Issued COD – Additional Signature Required• Issued – Insured is Rated• Issued COD – Proposed Insured Qualifies for ALX
Only.
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TMK1536 092910 Agent training only. Not for sales use.
Issued COD – Additional Signature Required
• COD Letter of Transmittal - amount of premium to be collected $0.
• Policy Amendment - advises proper signature required on Policy Delivery Acknowledgement.
• Policy Transmittal Letter - instructs Agent to refer to Policy Amendment.
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TMK1536 092910 Agent training only. Not for sales use.
Issued COD – Additional Signature Required
• Policy Delivery Acknowledgement - Agent has 30 days to place policy and return a copy of the signed Policy Delivery Acknowledgement and original signed COD Letter of Transmittal to Home Office.
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TMK1536 092910 Agent training only. Not for sales use.
Issued COD – Insured is Rated
• COD Letter of Transmittal – amount of premium to be collected $0.
• Policy Amendment - explains reason for rating – policy issued at reduced face amount to match submitted premium.
• Policy Transmittal Letter - shows original face amount and rated premium. If customer wants original face amount applied for rather than the reduced amount, the Agent should collect the additional premium at delivery or have the customer sign the COD Letter of Transmittal to draft the additional amount of premium due.
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TMK1536 092910 Agent training only. Not for sales use.
Issued COD – Insured is Rated
• Policy Delivery Acknowledgement - Agent has 30 days to place policy and return the signed COD Letter of Transmittal to Home Office. The original signed Policy Delivery Acknowledgement should be filed in the Branch office.
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TMK1536 092910 Agent training only. Not for sales use.
Issued COD – Applicant Qualifies for ALX Only
• COD Letter of Transmittal – amount of premium to be collected $0.
• Policy Amendment – plan amended to ALX due to medical history and/or Underwriting rules. ALX policy issued at reduced face amount to match submitted premium up to a maximum of $15,000.
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TMK1536 092910 Agent training only. Not for sales use.
Issued COD – Applicant Qualifies for ALX Only
• Policy Transmittal Letter – if the premium submitted with the application will purchase less than a $15,000 ALX, an ALX policy to match the submitted premium will be produced and include an alternate premium quote for an ALX policy equal to the original amount applied for up to a maximum of $15,000.
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TMK1536 092910 Agent training only. Not for sales use.
Issued COD – Applicant Qualifies for ALX Only
If the customer wants the alternate amount, the Agent should collect the additional premium at delivery, or have the customer sign the COD Letter of Transmittal to draft the additional amount of premium due.
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TMK1536 092910 Agent training only. Not for sales use.
Issued COD – Applicant Qualifies for ALX Only
• Policy Delivery Acknowledgement – Agent has 30 days to place policy and return signed COD Letter of Transmittal to Home Office. The original signed Policy Delivery Acknowledgement should be filed in the Branch Office.
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TMK1536 092910 Agent training only. Not for sales use.
OI525002 (OI525003)Pending COD Policies by Days Pending
Weekly
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TMK1536 092910 Agent training only. Not for sales use.
What questions can you ask an applicant to determine if you
should present ALX?
TMK1536 0410 Agent training only. Not for sales use.
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TMK1536 092910 Agent training only. Not for sales use.
•How’s your driving record?•Are you receiving disability income?•What medications are you taking?•Have you ever had: cancer, diabetes, heart problems, high blood pressure?
TMK1536 0410 Agent training only. Not for sales use.
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TMK1536 092910 Agent training only. Not for sales use.
When should you submit a trial application?
TMK1536 0410 Agent training only. Not for sales use.
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TMK1536 092910 Agent training only. Not for sales use.
Let’s look at some common scenarios.
TMK1536 0410 Agent training only. Not for sales use.
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TMK1536 092910 Agent training only. Not for sales use.
What should you tell an applicant for $50,000 whole life who has
diabetes and high blood pressure?
TMK1536 0410 Agent training only. Not for sales use.
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TMK1536 092910 Agent training only. Not for sales use.
On payroll deduction, if an applicant is declined for Group
Term and ALX, are there any other options to get a policy issued?
TMK1536 0410 Agent training only. Not for sales use.
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TMK1536 092910 Agent training only. Not for sales use.
What happens if an applicant answers ‘Yes’ to any Question 2-8 on the Group Term application?
TMK1536 0410 Agent training only. Not for sales use.
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TMK1536 092910 Agent training only. Not for sales use.
When are policies effective?
TMK1536 092910 Agent training only. Not for sales use.
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TMK1536 092910 Agent training only. Not for sales use.
You sell a $100,000 Term Life policy. The customer asks, “When does the coverage go into effect?”
What’s your answer?
Product Training
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TMK1536 092910 Agent training only. Not for sales use.
First premium is paidAll underwriting requirements are metIt is issued as applied forPolicy is delivered
Product Training
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TMK1536 092910 Agent training only. Not for sales use.
You sell that $100,000 Term Life policy on Friday. Customer dies five days later.
If the premium has been paid and underwriting requested a urine sample from the applicant that had not been obtained, what is the death benefit that would be payable?
Product Training
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TMK1536 092910 Agent training only. Not for sales use.
You sell that $100,000 Term Life policy on Friday. Customer dies five days later.
If the premium has been paid and underwriting requested a urine sample from the applicant that had not been obtained, what is the death benefit that would be payable?
ANSWER: $0.
Product Training
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TMK1536 092910 Agent training only. Not for sales use.
You sell that $100,000 Term Life policy on Friday.You deliver the policy two weeks later.The customer dies 26 days later.
What is the death benefit that would be payable?
Product Training
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TMK1536 092910 Agent training only. Not for sales use.
$100,000Product Training
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TMK1536 092910 Agent training only. Not for sales use.
You sell that $100,000 Term Life policy on Friday. Customer dies five days later.
If the premium has been paid and all underwriting requirements have been met, but the policy has not been delivered what is the death benefit that would be payable?
Product Training
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TMK1536 092910 Agent training only. Not for sales use.
$50,000Product Training
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TMK1536 092910 Agent training only. Not for sales use.
The A-250 conditional receipt states that “NO COVERAGE WILL BECOME EFFECTIVE PRIOR TO POLICY DELIVERY UNLESS AND UNTIL ALL CONDITIONS OF THE RECEIPT ARE MET.”
Conditional Receipt
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TMK1536 092910 Agent training only. Not for sales use.
In order for coverage to be provided under the conditional receipt the following conditions must be met:1. The applicant must submit an initial premium payment equal to the first full premium or bank draft authorization.2. All underwriting requirements must be completed (blood, urine, etc.)3. The insured is an acceptable risk for the plan applied for on the later of the date of application or the date on which all of the Company’s underwriting requirements are satisfied.
Conditional Receipt
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TMK1536 092910 Agent training only. Not for sales use.
What about Worksite?
Coverage effective at time of signature for the amount ultimately issued
Cancer: 30-day waiting period for coverage begins at time of application
Policy Effective
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TMK1536 092910 Agent training only. Not for sales use.
What have you put on your To Do List?
TMK1536 0410 Agent training only. Not for sales use.