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Also explain the consequences of lying to an insurance company (same as concealing), i.e. loss of coverage when it's needed most and possible prosecution for insurance fraud.
Prospective Client’s Application Declined
- Thread starter theleadingagent
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Also explain the consequences of lying to an insurance company (same as concealing), i.e. loss of coverage when it's needed most and possible prosecution for insurance fraud.
- 25,010
Simplified Issue may be the reason it was declined. Some SI companies are underwritten based on stricter yes / no questions and meds list. Example:3 or more HBP meds is an auto decline by the system before an underwriter even gets the file. In FU an underwriter underwrites the case after the preliminary requirements are in.
Call the underwriter, ask them what app question the meds would have involved. Call the proposed insured, dig deeper and resubmit where appropriate. You should be able to do most of it by phone.
We all get these. I got one last week. While a bit of a pain not that big of a deal. Just keep it in your pipeline and work it.
The main thing to remember - You didn't break it. It is their problem, they need you to help them find a solution.
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theleadingagent
Guru
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Basically what the underwriting team emailed me when I asked further.
That since this applicant omitted information (especially since applicant gave said info on another insurance policy application) that it would be a permanent decline for this company.
- 25,010
I just got one of these also. Not a decline but being offered modified. This is with an FE company. I am simply going to call her and explain what happened and drill down on the Rx Hx and either rewrite her somewhere else or suggest she take the offer. It is what it is. I didn't break it.
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