Individual Underwriting By The Insurer/information Sources And Regulation
The person applying for insurance must submit an application to the insurer for approval for a policy to be issued. The application is one of the main sources of underwriting information for the company and for underwriting for the insurer. During the application process, the applicant is allowed to make changes to the application.
The agent’s report is part of the application. This allows the agent to communicate with the underwriter and provide information about the applicant known by the agent that may assist in the underwriting process.
Attending Physician Statement
When smaller amounts of insurance are requested and there is no prior medical history of concern, the home office underwriter may make an underwriting decision solely on the basis of the application. If, however, the underwriter sees answers to certain questions that could indicate greater risk, and the underwriter wants to obtain specific medical details, the underwriter will request a statement from the applicant's treating physician.
Attending Physician Statement2
This is called an Attending Physician's Statement (APS). The insurance company must pay for this information, but it is often less expensive than ordering an examination.
Attending Physician Statement3
The next step would be a paramedical exam (which often includes blood work and a urine sample). A paramedical exam is conducted by a registered nurse or a paramedic. Under certain circumstances the underwriter may require a full medical examination by a licensed physician for additional information. All these are at the insurer's expense.
Attending Physician Statement4
A full medical exam occurs routinely for applicants requesting higher amounts of coverage, or if the application raised additional questions concerning the health of the prospective insured, or for applicants beyond a certain age. Each company establishes standard requirements, based on age and amount of coverage, and reserves the right to request additional information and testing, at their own expense.