can be more challenging when you have a rated case. It’s equally important that the BGA and producer have excellent communication and that the producer and the client have an open dialogue to obtain the best offer.
usually only a few questions and non-medical underwriting is used.
• Manual Underwriting. Insurance companies use one of several nationally or internationally recognized underwriting manuals, which are provided by reinsurers. Conservative companies will select a manual that fits their risk preferences. They will modify the manuals according to fit their specifications, experience and understanding of specific medical risks and, in general, the medical field and innovations in health care. These modifications make for a dynamic approach in underwriting risks such as cancer and heart disease.
•;Guaranteed Issue is used for single life and multi life cases. Guaranteed Issue is used for single life coverage when the proposed insured is considered uninsurable. A number of carriers will offer Guaranteed Issue policies with graded death benefits. For multi life corporate cases, carriers are willing to offer Guaranteed Issue permanent coverage for a “carve-out program” in amounts that are limited by the company’s rules and the number of participants in the plan.
recognize and understand possible pitfalls, assist in diagnosing the possibility for success and solve problems as they arise. Basic to this process is a BGA’s knowledge of each insurance company’s potential, people and capabilities. Unless this expectation is fulfilled, the best possible offer will remain illusive.
Good salesmanship, teamwork, access to all markets and use of available resources enable producers to provide optimum service to their clients.
•;Simplified Issue Underwriting is used in underwriting permanent coverage on both single life and a multi life basis. The single life uses may even offer up to 6 tables to standard underwriting. There are a few questions and this is done on a non-medical basis up to $250,000 per carrier depending on age. The multi life use is used for 5 lives for business cases. Again, there are
No single insurance company can be expected to have the solution for every need, which is why it is essential, when dealing with impaired risk cases, to search the market for the most appropriate solution to help the producer secure the best possible option.
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Understanding impaired risk underwriting from “behind the scenes” can help producers act confidently with the knowledge that they are providing the best possible impaired risk solution. Equally important, it will enhance their practice and create new opportunities.
This methodology is a core practice of Brokerage General Agencies. Producers should expect a BGA contact to serve as their “trusted guide,” someone who educates, assists and follows through until arriving at the desired destination. This should be someone who is prepared to help a producer
MANCHESTER, N.H. — Manchester Specialty Programs recently launched a new program for home health care providers and medical staffing firms. The program will offer all lines of coverage in partnership with Everest National Insurance Company, on both admitted and non-admitted paper, and the professional liability form can be occurrence or claims made. Other lines include general and products liability, excess coverage, fidelity bond, directors’ and officers’ liability, property, auto and workers’ compensation.
William D. Thompson, CIC, president and CEO of Manchester Specialty Programs commented, “The home health care and medical staffing industry has gone through tremendous change and growth in the 25 years that I have been dedicated to serving this sector.” Manchester Specialty Programs distributes through agents and brokers. MSP is based in Manchester, N.H., and is part of the Avoca Group, with additional offices in Boston, Hartford, Philadelphia, Chicago, and London. ■
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