Verification of Proposed Insured's Driving Record....

[seniormarketguy]

Do all life insurance companies verify a proposed insured's driving record (history)?

This question was asked of me today by another new agent and I don't have a clue.

Do they check everyone who applies for life insurance or is it a random sort of thing?

Curious,I am.

Thanks

 

[CLee]

I don't know if ALL companies check MVR's but the ones I write with that do have it listed in their underwriting requirements. In my experience most companies check MVR and MIB records even on non medical applicants

 

[Norwayguy]

Do all life insurance companies verify a proposed insured's driving record (history)?

This question was asked of me today by another new agent and I don't have a clue.

Do they check everyone who applies for life insurance or is it a random sort of thing?

Curious,I am.

Thanks

Not sure if they do or not, however I would assume and would recommend that you always think that they do and tell your clients that as well so they will be truethful when they answer the questions.

 

[seniormarketguy]

Thanks very much for your quick responses. I appreciate the info and the advice.

 

[sgriswold]

Every carrier I've worked with checks MVRs at the time of initial underwriting or at renewal. I don't see how a carrier couldn't do this for every policyholder and stay in business.

 

[djs]

Every carrier I've worked with checks MVRs at the time of initial underwriting or at renewal. I don't see how a carrier couldn't do this for every policyholder and stay in business.

You are thinking autos (based on the renewal comment), the question had to do with life insurance.

I do believe most life companies check mvr's at issue as well. In fact, I've had policies rated for mvr records that I didn't check when written, but the carrier did. Based on that, I know they check, just not sure if its always done by every carrier.

Now, if the person says they don't have a drivers license, what does the carrier do? Do you as an agent have an obligation to report that they claim to not have a license but they drove themselves to my office?

Dan

 

[VolAgent]

Now, if the person says they don't have a drivers license, what does the carrier do? Do you as an agent have an obligation to report that they claim to not have a license but they drove themselves to my office?

Dan

If you knew it for a fact, yes. Otherwise you are defrauding the company. By signing the agent's report, you are saying that you have shared all relevant facts with the carrier.