- 24,963
What are the major problems that were marked no? What are the issues in his driving record? Was the policy issued for the face amount and cost that you were quoted in the beginning?
Policy/application Was Signed W Errors
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What are the major problems that were marked no? What are the issues in his driving record? Was the policy issued for the face amount and cost that you were quoted in the beginning?
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- #22
He had one speeding ticket. And was treated at one time for depression when he lost a job. He had a concussion once and a torn tendon in his elbow from playing hockey. That was way back in 2007.
- 4,689
If those are the only issues, he still should qualify for a preferred rate (provided he meets height/weight etc). Many questions only go back a certain amount of years so could be answered no if not within the asked about period.
- 24,963
What PCB said. Depending on time frame and severity those are not major issues. Look at the application questions in the policy do they ask in the last X years or do they ask ever. You probably do not know what the Paramed listed because most times those exams are not part of the policy.
A note: remember you are in an agents forum. Many, not all, of these guys know what they are talking about. Some of us have been doing this a very long time. The advice you are getting is more than the price being paid.
Another concern is that you do not trust your agent. That is not a good match. Your agent should be someone that you can call and would feel comfortable referring to a friend.
Lee
Lee
- 4,132
Well to maybe clarify Wino's statement about what documents a policy contains. If he has policies that don't show everything, it may be due to state laws as Life insurance is subject to state insurance requirements. So there may be a difference.
In my state, a life insurance contract is considered a "closed contract" and everything needs to be included in the document. In other words the insurance carrier cannot keep a different set of documents used in the underwriting process than what the insured has. It might be different in your state.
And another possibility is what PC states and you answered questions outside of the required window (say 7 or 10 years, or even "ever") and we're necessary.
Again though if you are truly uncomfortable with what you see, talk to the company and I am sure someone there will explain things in a way you will understand. Insurance companies are some of the most heavily regulated business out there. They certainly don't want someone upset when really something needs to be explained better.
I don't have your policy in front of me, so I can't look at it and explain it. Try the home office, someone will help you.
In my state, a life insurance contract is considered a "closed contract" and everything needs to be included in the document. In other words the insurance carrier cannot keep a different set of documents used in the underwriting process than what the insured has. It might be different in your state.
And another possibility is what PC states and you answered questions outside of the required window (say 7 or 10 years, or even "ever") and we're necessary.
Again though if you are truly uncomfortable with what you see, talk to the company and I am sure someone there will explain things in a way you will understand. Insurance companies are some of the most heavily regulated business out there. They certainly don't want someone upset when really something needs to be explained better.
I don't have your policy in front of me, so I can't look at it and explain it. Try the home office, someone will help you.
- 24,963
That is a new one for me. I am only in a dozen or so states. The policies in your state must be pretty big. Ours do not include parameds, Lab reports, PHIs and medical records. Many of the companies will include the information to request the lab results or mail them directly to the insured. Since I service and sell my book that information would be nice to have in the file.
thanks for the knowledge,
Lee
thanks for the knowledge,
Lee
- Thread starter
- #27
- 4,132
Wino,
Ours do not include parameds, Lab reports, PHIs and medical records
To clarify a bit, everything that the insured signs must be included. that would include the paramed. So I muddied it a bit. You are correct about labs and aps reports, but those too can be sent to the insured upon request. Mine always get their labs. Recognition of the labs and aps would come through a plan amendment with the policy for the insured to sign off on.
So my bad, sort of..
Ours do not include parameds, Lab reports, PHIs and medical records
To clarify a bit, everything that the insured signs must be included. that would include the paramed. So I muddied it a bit. You are correct about labs and aps reports, but those too can be sent to the insured upon request. Mine always get their labs. Recognition of the labs and aps would come through a plan amendment with the policy for the insured to sign off on.
So my bad, sort of..
As life insurance underwriter, I really don't have any concerns with any of this. We're not your auto insurer, one speeding ticket we don't think you're auditioning for Nascar. A single concussion (despite what ESPN may be saying) isn't going to be mark you neurologically forever; same type of deal on the situational depression usually. And a torn tendon has a very low chance of killing you or preventing you from giving me money.
So while it's odd that the information was omitted, sometimes the medical questionnaire only asks for five years of history, if that's the case none of this was relevant for the questionnaire. Or even on a ten year level.
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