Methods for selling insurance using rapid decision term

Details Methods for selling insurance using rapid decision term Methods for selling insurance using rapid decision term

2008-10-29

2011-12-20

Kyle, Charles (Department: 3695)

Data processing: financial, business practice, management, or co

Automated electrical financial or business practice or...

Insurance

C705S041000

Reexamination Certificate

active

08082163

ABSTRACT:
An insurance company sells a life insurance policy having a coverage period. The policy provides a total benefit amount which includes an all-cause benefit amount and an accidental death only benefit amount. The policy is initially underwritten on a limited basis and the ratio of the all-cause benefit to the accidental death benefit is low. The insured has the option of providing material to enable comprehensive underwriting and to enable risk classification. If the risk classification improves the policy benefits, the mix of coverage is adjusted to include a higher ratio of the all-cause benefit amount to the accidental death only benefit amount. If the insured does not provide any additional information or materials, or if the materials provided do not result in an underwritten risk classification that enables the policy provisions to be improved, the mix of coverage remains unchanged.

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“Life Underwriting Requirements Guide”, ING North America Insurance Corporation, Jan. 2009.

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