Preferred underwriting is simply the aggregation of risk into groupings, according to a set of predetermined criteria representing a certain level of risk. Historically, the insurance industry simply classified individuals as either standard or substandard risks.
This edition of ReFlections offers essential reading on two very timely topics - insurance considerations given the changing status of HIV/AIDS and the use of patient-generated health data. This issue also describes new investigations supported by the Longer Life Foundation, RGA's joint foundation with Washington University School of Medicine in St. Louis.
Recently, Samantha Chow of the Aite Group wrote an illuminating piece on her personal experience with life insurance underwriting. In her blog post, she recounted the incredibly invasive process of obtaining a basic term policy. You can almost feel her discomfort as she details her experience, describing the battery of tests she faced as a healthy individual with no outlying risk factors and the astonishing disconnect between health care provider and carrier.
For insurers the question is whether an individual can or should be treated differently from their birth sex. It’s a reasonable consideration for underwriters in the context of gender reassignment, especially in markets where gender-neutral rates are not mandated.
Life insurance is a must-have if you have a family or financial commitments. Like many, I bought my policy many years ago and never really thought about it again. Granted, I live in the world of life insurance, so I know it is there and active, but it wasn’t until recently that a friend probed me to take a look and make sure I had the coverage I needed (he’s a new agent).
Recreational scuba diving is a popular sport. With millions of people diving around the world, it has become a common disclosure on life insurance applications. However, diving presents a challenge for risk assessment because diving activities can be quite diverse and some put participants at significant risk of harm.