Insurance Tables

[Finale]

I have a feeling with the vast amount of knowledge on this forum that someone must be able to clarify for me exactly what insurance tables contain. Outside of the fact that I understand insurance companies use tables to categorize individuals applying for coverage. Being fairly new to this, I see a lot of companies offering coverage to Table 4, or up to Table 16. What is the criteria of these "tables" and where can I get a list of these tables. Appreciate any help that's out there. Thanks

 

[VolAgent]

Re: Tables?

Tables refer to substandard risk. Depending on the company, each table increases the premium from standard by a set percentage. Ie, Table 1 (sometimes called Table A) is 25% more than standard. Table 2 is 50% more, etc.

Each carrier has an underwriting guide that helps it determine the underwriting class the applicant qualifies for, and which table is appropriate. Also, many substandard risks are referred to an in house doctor or nurse to determine the exact rate, or if coverage will be offered.

Finally, some companies can add a flat rate per 1,000 of coverage. For instance, the insured may have to pay an extra $10 per $1,000. The extra rating may be temporary or permanent. The extra rating can be in addition to or instead of a table rating.

Hope that helps.

 

[nonmed4life]

Re: Tables?

Volagent is right on. While UW guidelines vary by carrier, there are some general health conditions that will almost always be rated. (Keep in mind some carriers now offer standard for conditions that used to be rated)

Some of these include:

Insulin dependant diabetics
Heart attack, stents, coronary artery disease
Stroke
Most cancers
COPD

You get the idea.

 

[souldeux]

Re: Tables?

It's also worth noting that tables, just like standard ratings and above, are not standardized. Someone who gets rated as a Table D with North American might be Table B with West Coast, for instance. There's no single answer to "what's a table C" other than "it depends."

 

[VolAgent]

Re: Tables?

It's also worth noting that tables, just like standard ratings and above, are not standardized. Someone who gets rated as a Table D with North American might be Table B with West Coast, for instance. There's no single answer to "what's a table C" other than "it depends."

I'll take that a step further. Sometimes it varies depending on which underwriter you get at the same company. Also, the time of the year can have an impact. Some of the companies have a big push at the end of the year, and things will slip through with an underwriting class it shouldn't get.

 

[souldeux]

Re: Tables?

Amen to that. One of my agents sends his underwriters fruit baskets after large cases get funded to keep them happy - there's much less set in stone than they'd like for us to think.

 

[arnguy]

Re: Tables?

I use tables on which to eat my meals from dishes. Am I missing something?

 

[Finale]

Re: Tables?

yea arnguy! You missed the whole purpose of this forum. But thanks for your comments anyway.

 

[arnguy]

Re: Tables?

yea arnguy! You missed the whole purpose of this forum. But thanks for your comments anyway.

So sorry!

 

[bill3173]

Re: Tables?

I use tables on which to eat my meals from dishes. Am I missing something?

Yes Arnguy you did miss something. The poster wanted to know where to find the Tables, not their purpose.

The tables are on Mount Olympus and are heavily guarded.