Is Your E&O Paid Up

[insuranceexec]

Because the UW should have done ther part BEFORE the policy was issued and checked in to everything.

Who is saying that he didn't?

Who is to say that those documents were not forged?

To make a blanket statement and say that the UW is at fault is incorrect. I am sure you can see I am playing devil's advocate; but am curious into what blood and urine samples the UW was given to issue the policy in the first place.

Contested Life Insurance Policies Lawyers

An insurance company can only "contest" paying the death benefit providing that the "Applicant" or "Agent" made a fraudulent application; during the contestability period. I can not imagine an insurance company denying a claim based on the incompetence of the UW.............LOL "JUMBO" cases often have several UW's that look at the records and results to verify that they all come to the same conclusion. The liability alone for a company denying a claim based on the incompetence of their UW would easily be more than the original face amount of the policy.

 

[Dave020]

The requirements for a policy face amount that large would include, but not be limited to:

Full physical examination (no paramed)
Blood with full workup
Urine
Resting EKG
Probable Treadmill Test (depending on age)
Full medical records APS

What the article does not state is at what level that policy was issued. It might have been a Table 5 rated policy or higher.

None of the tests above will tell an underwriter that someone may be inclined to contract out his own murder. If the applicant is not forthcoming about mental health issues, there is little an underwriter can do if nothing is in the MIB.

 

[insuranceexec]

The requirements for a policy face amount that large would include, but not be limited to:

Full physical examination (no paramed)
Blood with full workup
Urine
Resting EKG
Probable Treadmill Test (depending on age)
Full medical records APS

What the article does not state is at what level that policy was issued. It might have been a Table 5 rated policy or higher.

None of the tests above will tell an underwriter that someone may be inclined to contract out his own murder. If the applicant is not forthcoming about mental health issues, there is little an underwriter can do if nothing is in the MIB.

I totally agree. That is why Insurance companies have a contestability period in the first place; to safeguard against unnecessary risk and exposure.

 

[VaDwayne]

There is a lesson to be learned here... Honesty is the best policy