Weekly Tip: Application Form Submission Filing Tips

 

Weekly Tips

Application Form Submission Filing Tips

12/16/2012

Are you getting ready to file application forms with the Insurance Compact? Here are five things you should remember based on the Insurance Compact's application Uniform Standards:

  • The questions should not require self-diagnosis (e.g.: "have you had"). The Uniform standards for application forms specify that any questions regarding diseases, conditions or symptoms be based upon the diagnosis or information or advice provided by a medical professional. Language that works is "have you ever been diagnosed by a member of the medical profession" or have you been told (informed) by a member of the medical profession".
  • The questions should not be open-ended questions. The application Uniform Standards prohibits open-ended questions. An example of this would be "have you or do you intend to engage in any or other hazardous activities". It is best to be specific. Additionally, pay close attention to the look back and look forward time limitations. "Have you ever", or "do you ever intend to" are not acceptable. General Background information standards specify acceptable time periods.
  • Fraud notice should be generic. Do not reference any sate specific fraud provisions.
  • Do not reference state laws.
  • The application must indicate that it is for individual life insurance.

An objection will be issued if any of these items are out of compliance. If you keep these tips in mind while preparing your Compact application form submission you will save precious time and maximize your Compact filing experience. If you have any questions as you prepare your filing submission, please do not hesitate to contact the IIPRC Office.