Health Concern on a Client

Aug 6, 2016

  1. mpiazza000
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    mpiazza000 New Member

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    How do we know for sure that the patient is healthy as they say it is, when do we use our doctor for evaluation and how do we check the prior prescription, isn't that information confidential?
     
  2. TFMSINC
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    TFMSINC Expert

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    Ins. Co. due diligence on app thru the M.I.B.
     
    TFMSINC, Aug 7, 2016
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  3. Mattschmidt
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    Mattschmidt Guru

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    They also do Rx check to help see if medications taken support their answers to the Health questions
     
  4. WinoBlues
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    WinoBlues Guru

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    ""How do we know for sure that the patient is healthy as they say it is, ""

    We do not. However, we need to ask enough qualifying questions to give them a realistic expectation rate.

    ""when do we use our doctor for evaluation""

    We do not. The company decides if they want an MD evaluation.

    ""how do we check the prior prescription, isn't that information confidential""

    We do not, typically, the companies order the script check. Part of the application is an authorization to check medical information.
     
  5. scurran
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    scurran New Member

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    There are tools out there that allow you to get an idea of the client's health status confidentially prior to getting an underwriting result. If you register with TNBC (The National Benefit Corp) they have a Life PreScreen survey that goes directly from the client to the case manager/carrier so that you just get the information on their rate class.
     
    scurran, Aug 9, 2016
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  6. mpiazza000
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    mpiazza000 New Member

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    but once we decide on a quote, and it is finalized and whatever happens to them moving forward, as long as they r insured and pay the premium. they will be covered if god forbidden something happens to them?
     
  7. Mattschmidt
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    They are covered but if death occurs during first 2 years an insurance company will "contest" during this contestability period.

    They will review medical records to confirm that information give matches up. If an applicant tells the truth they have zero to fear

    Honesty is the best way to go about applying for life insurance
     
  8. danerlavigne
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    danerlavigne Expert

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    If you are concerned about a customer's health and you have access to simplified issue products, normally the best option is to write a simplified issue product first. What they do for a simplified issue policy is review prescription history and MIB history, and as long as everything checks out, they will issue the policy. After a while if they want to try to get a better price, then you can have them do a traditional life insurance policy where they take an exam. If this particular customer has ever applied for life insurance before, it is possible to order their prescription history and MIB history.

    Hope this helps!
     
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