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
Same as term Underwriting Gain Loss): profit ( deficit) that remains after paying claims and expenses. Insurers generate profits from underwriting and from investment income. Their chief ...
Clause added to an insurance policy providing waiver of premium (WP) if the premium payer dies or becomes disabled. For example, this option is available on insurance policies on a child's ...
Named peril policy is how it’s called in the Real Estate Industry the insurance policies that specify the perils it covers. Under a named peril policy, if anything that isn’t ...
Policy provision that provides coverage for continuing payroll expense of all employees of an insured business (except for officers and executives) for the first specified number of days of ...
Minimum degree of injury or loss for which an injured party can sue, even though covered by no fault automobile insurance. Traditionally, an accident victim had to prove the other driver ...
In life insurance, the exchange of a series of installment payments, as the result of an installment settlement, for a lump sum distribution. ...
Percentage of total assets set aside by an insurance company to provide for unexpected losses. In general, a minimum of a 5% surplus ratio (5 cents in reserve for each $1 of assets) is ...
Separate trust established by a charitable entity whose purpose is to receive contributions from numerous donors. All the donors' contributions are commingled. Each donor can retain a ...
Specific date determined by the Internal Revenue Service on which a beneficiary has received a death benefit from an insurance company, an annuitant has received an income benefit, or a ...
Have a question or comment?
We're here to help.