Weekly Tip: Helpful Application Reminders

 

Weekly Tips

Helpful Application Reminders

6/04/2015

Are you getting ready to file life insurance application forms with the Insurance Compact? This week we wanted to provide a reminder for five things that should be kept in mind while developing the applications. These reminders come from 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. An example of acceptable language 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 Uniform Standards prohibit 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.
  • 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 and follow the provision stated in the standard. Do not include any state specific fraud provisions.
  • The application must indicate that it is for individual life insurance.

Keeping these things in mind will make your filing experience more efficient and effective as objections will be issued if any of these items are out of compliance.

If you have any questions as you prepare your filing submission, please do not hesitate to contact the IIPRC Office