Page 20 - Life Insurance underwriting Ebook IC 22

I) By making a reference call to the customer

 To verify the information submitted
 To answer the queries (if any) of the prospective customer on the product before
concluding the sale process.
 To inform the customer about the medical examination process (if applicable)
 For any other clarifications (if any)

c) Step 3: Submission of life insurance proposal form and KYC (know your
customer) documents

d) Medical or non-medical underwriting

Underwriting can be of two types:
i) Medical underwriting and
ii) Non-medical underwriting

Non-medical underwriting factors

In a non-medical underwriting, the following factors are assessed for taking a
decision on accepting or rejecting the risk:

✓ Body Mass Index (BMI)
✓ Personal medical history
✓ Family medical history
✓ Lifestyle and habits
✓ Occupation
✓ Place of residence
✓ Moral hazard
✓ Existing insurance with any other insurance company

Agent's confidential report

Assessment of adverse factors

 Proposals declined, postponed
 Extra premium charged on account of adverse health
 Reduced benefits like exclusions or
 Reduction in sum assured applied for

Non-medicals grids

Non-medical/medical grids are generally a function of the age, the sum assured and the
product.

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