When life insurers set their underwriting requirement practices, the primary focus has always been on protective value (cost vs. benefit). In many smaller companies lacking the resources to conduct internal studies, the usual approach is to consider the practices of larger carriers and most notably those known to routinely do such studies.
This video probes critical issues related to the acquisition and use of underwriting engines. These engines accommodate straight-through processing of new applications, making some portion of insurability determinations without the need for underwriter intervention.
Present life underwriting practices for marijuana use are deeply flawed as a result of three factors:
1. A lack of systematic research
2. Entrenched misperceptions
3. Government-incited disinformation
This essay provides extensive evidence that current marijuana use practices need to be fundamentally changed.
People stop consuming alcohol for a variety of reasons.
Some of those reasons – for example, joining a religious group where alcohol use is frowned upon or finally capitulating to nagging by a teetotaling spouse – have no insurability implications.
Underwriter audits are indispensable resources for chief underwriters. While not the only basis for assessing performance, they are the single most significant benchmark where line underwriters are concerned. It would be essentially impossible to manage underwriters without having sufficient insight into their performance on the job.