ELIMINATE UNDERWRITNG DELAYS

Common areas often overlooked:

• Completing a signature everywhere a signature is asked.
• If a question is answered with a "yes," details regarding that question need to also be provided.
• Checks to make sure all dates on the application are the same.
• For example, First Colony will refund a check if the date on the check is different than the date on the conditional receipt.

2) Doctor Information that is often not included:

• Name
• Address
• Telephone number
• Date of last visit
• Reason for last visit

Read the rest of this entry »

1. CREATE A FLAWLESS COVER LETTER

Field Underwriting guide provide tips and instances when including a cover letter is crucial and/or necessary to the case, such as when:

• Dealing with large premium cases and/or face amounts greater than $1,000,000.
• When carriers are able to credit a low substandard case down to Standard because of an informative cover letter.
• Instances when the underwriters are able to offer a reduced rating, due to an informative cover letter which provided enough information to justify a decision.
• Times when a cover letter has made the difference between Standard and Preferred.

The importance of the cover letter is to answer questions up front and eliminate any chance for the underwriter to challenge the total line of coverage being requested.

More often than not, personal and business documents alone do not tell the full story of the loss that will be incurred by the beneficiary. Remember, your cover letter is what will give the underwriters information to help them understand the rationale for the sale, and make the most aggressive offer.

Key pieces of information all cover letters should include:

• How well you know the client and the client’s business.
• How the sale developed, and the purpose of the coverage (income replacement, key-person, buy-sell, estate preservation, etc.)
• How the plan of the insurance and face amount were determined.
• Assumptions or formulas used to determine the amount, along with copies of any financial planning documents.