A procedure used by insurance companies to review the medical conditions of a particular annuitant in determining his probable life expectancy. This is a procedure that begins with matching given medical conditions of a particular proposed annuitant against known standards, and then applying this medical description to actuarial tables showing any reductions from a normal life expectancy. The decision resulting from the medical underwriting procedure is referred to as the "Rated Age" or "Substandard Rating."
Process by which the health status of individuals and groups is used to determine whether to provide coverage, under what conditions, and at what rate to charge. Return to
The process an application for medical insurance goes through to determine and/or identify existing health conditions of the applicant that may need further medical treatment now or in the future. There are usually several steps an application for health insurance must go through before it is approved, such as: Initial screening - where responses to all questions on the application are examined to make sure they have been fully and accurately answered and any necessary forms are attached. Medical underwriting - where a trained, medically knowledgeable professional carefully reviews the application, looking at the medical history and any previous claims that the applicant may have had that would impact future claims. Often additional information is needed to make a final decision. Medical underwriting decision - The medical underwriter makes a decision after receiving all pertinent and requested information whether or not the applicant qualifies (under individual carrier guidelines) for medical coverage.
Medical underwriting is a pricing practice used by insurance companies to adjust premiums (usually upward) based on a group's health status or medical claims experience.
The evaluation of health questionnaires submitted by all proposed plan members to determine the insurability of the group.
For life and disability insurance, this is the process of determining whether an applicant meets medical qualifications for coverage. Applicants may be evaluated on factors including age, gender, physical condition, personal health history and family health history, as part of the underwriting process.
The process of evaluating a disability income application for approval by reviewing the potential insured's individual health history.
In individual long term care insurance, an insurance company can refuse an application for a policy if the consumer does not meet its guidelines.
A process used by insurance companies to rate the risk of insuring a person or a group applying for health insurance. The degree of risk is used to fix the premium or to deny coverage altogether and is based on such factors as pre-existing condition of health, prior use of medical services, age, sex, physical condition, and personal habits. (Related: Experience Rating, Community Rating)
The process of assessing wheter a person is insurable based on his/her medical history. Also see Underwriting and Financial Underwriting.
The process of reviewing and possibly denying applications for coverage, based on health criteria.
The review of an individualâ€(tm)s medical history and/or medical records to determine if the individual is eligible for coverage. Medical underwriting, which may include new medical testing, can be used to deny coverage or determine if a particular pre-existing condition will be covered.
A process of examining the current health and health history of a prospect to be insured. The insurer may reject the application for insurance or offer an alternative premium schedule for a person who does not meet the insurer's standards for health or health history at the time of application. A waiver on coverage for existing health conditions, so that the existing conditions are not covered, is another alternative available and used by insurers.
The process that an insurance company uses to decide, based on your medical history, whether or not to take your application for insurance, whether or not to add a waiting period for pre-existing conditions (if your state law allows it), and how much to charge you for that insurance.
Medical Underwriting is an insurance term referring to a requirement of a medical background check to qualify for coverage (typically for life or health insurance).
