The Challenges of Determining Worth - Financial Underwriting In Emerging Markets
How much is a life worth? That is a difficult question to answer. Addressing it from a social, emotional, or spiritual perspective can provide a wide range of responses – if in fact the question is answerable at all. From a strictly fiscal perspective, however, determining a person’s long-term financial value is exactly what financial underwriting in life insurance seeks to do.
Study Shows Link between Debt and Mortality Rates
A new study from the University of Colorado Denver shows a direct link between financial strain and increased risk of death, a finding with potentially major implications for both economic and health care policy.
Financial Underwriting - Is It Really Life or Death?
Most of the information I see written about financial underwriting seems to focus on different types of financial planning strategies, whether it be for business, personal or family.
Avoiding Fraud - Agent Identity Theft
Some states' Department of Insurance websites were hacked in recent years and agent information was altered for agents who had not actively written new business for an extended period of time. Identity theft continues to be a growing problem in many industries, but the life insurance underwriter is continually challenged to uncover this type of scenario.
Avoiding Fraud – ILIT Trustee and Trust Beneficiary Situations
Companies have a variety of approaches for handling life insurance applications with an Irrevocable Life Insurance Trust (ILIT) listed as owner and/or beneficiary. Some companies don’t ask for anything other than the trust’s tax identification number; some ask for a trust certification; others just ask for limited pages from the trust; and still others ask for a copy of the entire trust and utilize a committee review approach, often involving associates from advanced marketing/legal, agency, actuarial and underwriting departments.
Financial Underwriting and Fraud Prevention Survey Report
The Financial Underwriting and Fraud Prevention Survey Subcommittee of the Society’s Committee on Life Insurance Mortality & Underwriting Surveys has completed its report on the results of a survey designed to examine the various requirements, guidelines and procedures life insurance companies establish to underwrite the applicant’s financial risks and efforts to mitigate financial underwriting and other fraud risk.
Time for Life Companies to Fine-Tune Their Financial Underwriting
The pace of change can be dizzying in many aspects of life and industries, but rarely in the life insurance industry. One example, the life insurance industry, keeps using similar financial assumptions for income replacement sales, with carriers making few material changes to their underwriting approaches.