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An underwriting requirement taken into consideration during the application process involves the review of non-medical related activities. This informtion can assist an underwriter in determining the proper risk classification for an applicant. The categories below tend to be the most common, but are not exclusive.
Motor vehicle accidents are the single most common cause of non-violent death among all individuals and the leading cause among those ages 16-24. Therefore, driving history is a very important part of the underwriting process.
Certain characteristics are taken into consideration and recognized as possible indicators of increased mortality risk due to driving accidents. Among those are:
Any incident of alcohol use, previous drug use, or participation in hazardous avocations, or other risky behaviors are underwritten more carefully when evidence of an adverse driving history exists.
When ratings are necessary, flat extras are generally assessed. Usually the rating can be reviewed for possible reconsideration within two years of issue. At times it is necessary to decline due to driving history. Those declinations are typically due to driving under the influence, driving during suspensions, reckless driving or a pattern of violations displaying lack of maturity and regard for the law.
We will not consider any individual for life insurance who is currently on probation, parole, or currently serving time in prison or jail.
We will consider for the best available underwriting class with no flat extra rating if certified (PADI) and all dives are recreational to a depth of 100 feet or less.
Individual consideration will be given to only modest amounts of coverage for family protection prior to the discharge and satisfaction of the bankruptcy. Following discharge, recent bankruptcies will not preclude coverage but will be individually considered.
No coverage will be allowed until the bankruptcy is fully discharged and satisfied. Following discharge, recent bankruptcies will not preclude coverage but will be individually considered. Documentation according to the guidelines will be required for all considered cases but should be supplemented with details of all bankruptcies, history of employment or business stability, documentation of discharge and current financial statements.
We have frequently communicated our strong stance against any transaction designed to avoid or violate insurable interest laws (“STOLI”) or the rebating of premiums (“Rebating”). We will not participate in, and prohibits any producer from being affiliated with, the sale of our policy in connection with any STOLI or Rebating transaction.
STOLI typically involves an agreement, established before or at the time a policy is issued, for the planned sale or transfer of a life insurance policy’s benefit to someone with no insurable interest in the insured. Many involve non-recourse premium financing where an insured borrows money to pay premiums but has already agreed to transfer the policy benefits to repay the loan at no risk to them. We must review and approve all premium financing transactions and will not approve any form of non-recourse, hybrid or charitable giving premium financing programs.
Rebating is when a producer, directly or indirectly, offers to pay any portion of a premium payment for a client through financing of premiums or the producer’s funds, rebating back to the client any portion of the producer’s commission from an insurance sale or otherwise providing something of value as an inducement to purchase insurance. Rebating is prohibited by our agent contract in all situations and in all states.
The prior sale of a life insurance policy should be disclosed on the application and will be counted towards the determination of maximum face amounts, however, such a sale does not preclude coverage. If there has been a prior sale of a policy into the secondary market, please provide background on the sale which includes details on when the policy was issued and when it was sold.