Tele-underwriting
Definition of "Tele-underwriting"
Procedure in which a home office interviewer (who may or may not have underwriting experience) interviews applicants on the telephone. The questions asked the applicant are automated and scripted. The applicant's response to a particular question triggers the interviewer to either ask more details about the response or to ask another question. This procedure lists among its benefits: reduction in the time required to process applications; delivery of policies 'n a shorter period of time; non duplication of the same question asked by agents, medical examiners, and underwriters; reduction in the number of omitted answers to questions on the application; and the reduction of paperwork required by an agent.
Popular Insurance Terms
Work-related accident. Occupational accidents that injure employees are the responsibility of the employer and are covered by workers compensation insurance. In recent years, the term ...
Rights of employees who leave an employer with a qualified plan to withdraw their accumulated benefits. With a contributory plan, employees have immediate rights to their own contributions, ...
Same as term Insuring agreement: section describing coverages under a policy. Elsewhere in the policy other sections may restrict or exclude coverages. ...
Amount of life insurance required to purchase burial, probate, medical, and other costs associated with death. ...
Abuse by an insurer in an effort to avoid paying a claim filed by an insured, or to reduce the size of the payment. The national association of insurance commissioners (naic) has developed ...
One of four types of risks affecting the life insurance company as identified by the society of actuaries. This risk is associated with losses that the life insurance company may incur as ...
Group whole life insurance policy designed to reduce an employee's exposure to income tax on the value of life insurance provided by the employer. The policy separates the term element from ...
Periodic payments to an annuitant. ...
Same as term Master policy: single contract coverage on a group basis issued to an employer. Group members receive certificates as evidence of membership summarizing benefits provided. ...
Have a question or comment?
We're here to help.