See Article History Insurance, a system under which the insurer, for a consideration usually agreed upon in advance, promises to reimburse the insured or to render services to the insured in the event that certain accidental occurrences result in losses during a given period. It thus is a method of coping with risk. Its primary function is to substitute certainty for uncertainty as regards the economic cost of loss-producing events.
Moderate overweight is often accepted at standard terms. Significantly overweight applicants will be subject to a heavy premium loading. They may be declined if their BMI exceeds a certain threshold or other significant risk factors are present, for example, a history of angina.
Key points for income protection Obesity also has the potential to impact on the customer's ability to work and as such, people who work in a more physical job would be reviewed in more detail than those in a less demanding role.
For example, obesity puts greater strain on joints and therefore may lead to problems for builders, plumbers etc. If a customer was significantly overweight we would be likely to impose a higher loading on their policy and if severely to morbidly obese we would decline to offer cover.
How lifestyle may affect underwriting Smoking Smoking status is something that is considered during the underwriting process.
Aviva uses the following classification rules for smokers, ex-smokers and non-smokers. Smoker Ex- smoker Non -smoker Someone who is either a current smoker or who has used cigarettes, tobacco or nicotine replacement products in the last 12 months. Someone who used to smoke but has not used cigarettes, tobacco or nicotine replacement products within the last 12 months.
Someone who has never used cigarettes, tobacco or nicotine replacement products.
Failure to correctly declare as a smoker will usually be treated as deliberate non-disclosure which could therefore result in the non-payment of a claim.
The implication of smoking on life, critical illness and income protection insurance Smokers pay a higher standard premium. Very high levels of tobacco consumption may lead to a loading on top of the smoker rates.
Smoking may increase ratings for conditions that it is known to exacerbate or reduce the effectiveness of treatment. An accurate and reliable test for the presence of cotinine a by-product of nicotine is routinely used by insurers to test declared non-smokers.
Excessive levels of consumption can be divided in to three broad categories: A chemical dependence on alcohol.
We will ask about usual consumption levels and if there has ever been any medical advice to stop or reduce drinking. In addition to asking customers to confirm their weekly alcohol consumption we ask the following: Applications where the above question has been answered yes will be referred to manual underwriting.
A GP report and in some cases a medical screening would be required. In certain situations terms may be declined. The implication of excessive alcohol consumption on life, critical illness and income protection insurance. High level of consumption may lead to a premium increase.
Recent cessation may mean postponement. Otherwise a loading or standard terms will apply. Drugs Drug abuse means the voluntary abuse of drugs - i. This includes people who use illegal drugs or abuse legal drugs. We will ask the following: During the last five years, have you used any of the following: Recreational drugs other than cannabisfor example cocaine, ecstasy, heroin etc; stimulants, sedatives, tranquillisers or anabolic steroids that have not been prescribed by a doctor, or Methodone?
The online underwriter will automatically decline any applicant who answers yes to the above question and confirms this history was in the last 2 years. Otherwise, the application will be referred to manual underwriting and terms will be subject to a full GP Report.
A history of drug abuse with the last 3 to 5 years is likely to attract a high premium loading. Depressants These are substances that slow down or depress the Central Nervous System. Depressant drugs include alcohol, barbiturates and tranquillisers.
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Analgesics Analgesics are substances that provides relief from pain.Tele-underwriting is the process whereby a specially trained telephone interviewer completes be contacted about the outstanding requirements and next steps. If alternate terms are decided, an underwriter will call you or your Tele-underwriting - Checklist for Insurance Application Interview.
Business Interruption (BI) insurance. Can be hugely important. Basically, it is the amount paid to the insured, usually based on the gross profit that a business would earn if trading normally, in the event of a disaster, even if it has to wait for reconstruction.
Additional Insurance coverage for the Sport & Leisure industries. Life (group employee benefits, individual short-term life, sports participation) Terrorism; Product recall and contamination; Specie (including commercial fine art and jewelry) Products are subject to legal and underwriting requirements.
Coverages may not be available in. Sports Underwriting Australia specialises in insurance packages for sporting clubs, groups and associations, sport and leisure-related businesses and licensed clubs.
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Specialist insurance packages for sporting clubs, groups and associations and sporting related businesses such as Fitness Centres, Indoor Sports Centres and Coaching Clinics.
Sports Underwriting Australia products are tailored to suit the needs of sports risks including cover for participation liability, member to member liability, professional indemnity for coaches, referees and officials and.