mpiazza000
New Member
- 9
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?
Health Concern on a Client
- Thread starter mpiazza000
- Start date
TFMSINC
Expert
Ins. Co. due diligence on app thru the M.I.B.
- 3,764
They also do Rx check to help see if medications taken support their answers to the Health questions
- 24,928
""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.
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.
- Thread starter
- #6
mpiazza000
New Member
- 9
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?
- 3,764
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
danerlavigne
Expert
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!
Hope this helps!
