HealthNet

[somarco]

InsureBlog: Bad Boys, Bad Boys, Whatcha Gonna Do When They Come for You?

Thanks for the insight Dave. Based on your information, I decided to run with it (above). Don't suppose you have links to other sources that flesh this out.

 

[Crabcake Johnny]

Imagine this:

Mortgage companies no longer did any checking at all. Brokers or clients simply filled out applications and the mortgage was approved just based on the app.

No credit history is pulled, no employment verification - nothing. Now you have a mortgage and start making payments. If you make payments on time everything's honky dory.

However, upon missing your first payment you go into "mortgage review." THEN they pull your credit and start asking for stips. If they find any problems with the app you're evicted.

Wonder how long that would last?

 

[taterpeeler]

Imagine this:

Mortgage companies no longer did any checking at all. Brokers or clients simply filled out applications and the mortgage was approved just based on the app.

No credit history is pulled, no employment verification - nothing. Now you have a mortgage and start making payments. If you make payments on time everything's honky dory.

However, upon missing your first payment you go into "mortgage review." THEN they pull your credit and start asking for stips. If they find any problems with the app you're evicted.

Wonder how long that would last?

I don't know..... But we should find out soon!!

 

[Crabcake Johnny]

Actually you're right - stated income loans and "no doc" loans are already around. I wonder what the default rate is for those type of loans.

When I sold cars if your beacon score was around 650 or higher you got an auto-approval - didn't have to show income or prove anything.

If you had a 700 score and wanted to put down that you're making $200,000 a year that's fine - you're leaving the lot in a car.

 

[Dave020]

Video - Breaking News Videos from CNN.com

Here's the CNN video of the 9.3M award and another reason agent's should never complete the application.

 

[Crabcake Johnny]

I disagree. It's why uneducated agents shouldn't fill out apps. I do all my apps for my clients - I do a much better job then they could. When I fill out an app for my clients claims review is discussed and in the front of my mind. I fill out apps for my clients with the same diligence as when I did the app for my family.

 

[Dave020]

To each their own, I guess. I find people read a lot better than they listen. I would be hoarse after doing one application having to read all of that stuff out loud.

In my view, I don't believe any applicant actually hears all of this times 20 different questions:

"Heart/Circulatory - such as chest pain, angina, high or low blood pressure, heart disease, heart attack, heart murmer, palpitations, valve replacement, pacemaker, defibrillator; or blood clot, phlebitis, varicose veins, enlarged lymph nodes, blood/bleeding disorder, anemia, rheumatic fever, Raynauds".

That is just one question on my CA Blue Cross application - there are about 19 other questions just like it and just as detailed. Maybe you have simpler apps in MD, but no way I trust someone to pay full attention and sit through the 20 mins it would take for me to ask all of the things on the application.

And, all you gotta do is miss one--"Raynauds, I thought the agent said Rayguns, we thought he was being funny".

 

[Crabcake Johnny]

This would be a reason I fill out the app. They zone out after reading the 60th condition.

Although I do ask about specific conditions I also ask questions like "how many times in the past year did you seek any type of medical attention - even for a cold."

Then I go back year after year. I'll also ask questions that aren't on the app - like chiropractic or psychological visits.

But what I can do better than any client is being thorough. You think a client's gonna write this about HBP?

"Diagnosed during a routine physical in 2005 with initial readings of 142/95 and placed on 10mgs of Cardizem taken once daily. Last readings were January of 2008 with 118/85. Stable on medication, no ER trips or hospitalizations, no recommended changes in medication or dosage."

 

[somarco]

Some carriers, notably BX & KP, tell the agent they are not allowed to complete the app.

Online apps with GR, Humana, Aetna have to be at least completed & submitted by the applicant.

My clients are told to complete an app & fax to me for review & prescreen BEFORE submitting to HO. With GR I can go in & view the app before submission (and I do quite often).

 

[Crabcake Johnny]

I do GR's broker assisted app - do the entire app by myself then my client has to Esign.