The phenomenon we call antiselection constitutes a clear and present danger to the life insurance industry. A simple definition of this scourge is “not disclosing information known by the insurance applicant in order to get life insurance per se or acquire coverage at a lower premium rate than if that information had been revealed on the application.”
The purchase of any type of insurance is based on the premise that the applicant/proposed insured will disclose any and all pertinent information related to insurability and that the insurer will act upon that information in good faith. If information is withheld, the balance of the transaction is altered.
The miracles of transplant surgery have given so many whose body organs have failed a new lease on life. Heart, liver and kidney transplants are no longer experimental procedures done with fingers crossed and only temporary results expected. Receiving these organs is a lifesaver for those recipients involved. But what is the insurance fate of organ donors?
It’s a scenario that may be familiar to you: You and your client have decided to apply for an individual disability insurance (IDI) policy. You have the client’s signature; the application is submitted. You’ve worked with your general agent to ensure the application is ready for underwriting, and you feel good knowing you’ve helped your client realize that income is an asset worth protecting.
In the next decade, genetic tests may become significant and cheap enough that advisers begin suggesting insurance customers test prior to applying for insurance cover. Will consumer behavior change as genetic testing becomes more accessible?
After more than 2 decades of online shopping and online banking, online access to medical records for patients is finally entering health care’s mainstream. Most US and UK health care providers now have the technology to gather patient medical information electronically, and to provide patients with online access to that information.
The global trend for obesity has been accompanied by an increased interest in bariatric surgery. The impact of bariatric surgery can be impressive: after the operation, patients lose weight rapidly and, over time, associated conditions such as impaired glucose tolerance (including type 2 diabetes) and mild hypertension may no longer be evident. But how sustainable are the treatment results and what do they mean for risk analysis in life and disability insurance?
“From Pariah to Prescription” was the title of a review that appeared some years ago on the possible medical use of marijuana. What then seemed utopian and provocative has now become reality! A recently published comprehensive meta-analysis came to the conclusion that the muscle relaxant and analgesic effects of THC in cases of multiple sclerosis (MS) were well documented.