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The Challenges and Successes of Field Underwriting Diane Gill, Director Insurance Services

Explore the importance of relationships in field underwriting, including building rapport, understanding client needs, and maintaining candor. Learn best practices for illustrating rate classes and handling potential substandard risks. Discover underwriting requirements for charitable giving.

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The Challenges and Successes of Field Underwriting Diane Gill, Director Insurance Services

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  1. The Challenges and Successes of Field Underwriting Diane Gill, Director Insurance Services 10/29/2014

  2. Field Underwriting & Relationship Building • Relationships with your clients • Builds Rapport • Enhanced understanding of needs • Disclosure/Non-disclosure of sensitive information • Relationship with your underwriter • Setting expectations • Candor builds trust • Partnering together for success

  3. Best Practice for Illustrating Rate Classes • Consider Age • Consider Medical Factors • Contact Underwriting • Set Client Expectations

  4. Case Example #1 • 46 year old healthy female applies with spouse • Face amount $3 million Term • Applied Select NT • Reinsurer approved Standard • Negotiated offer to Select with case favorables • Spouse is declined • Approving as applied influences placement

  5. Case Example #2 • 75 year old female with apparent good health • Face amount $100,000 • Applied Select NT • Health history results in a Standard approval • Rate class change requires amendment • Client’s health changes after approval • Potential risk of placing certificate • Standard application would have eliminated risk

  6. Over Sell and Disappoint “I illustrated Super Select and have to try and deliver Standard.”

  7. Under Sell and Over Deliver!! “I illustrated Standard and get to deliver Super Select!”

  8. Best Practice for Potential Substandard Risks • Gather the facts • Partner with Underwriting • Consider a trial application • Prepare your client • No premium submission (COD) Comments by Lynn Bartness

  9. Financial Underwriting • Does it Make Sense?? • Income Replacement & Estate Preservation • Juvenile Applications • Non-working Spouse • Charitable Giving

  10. Charitable Giving Underwriting Requirements Sons of Norway Foundation Face amounts $0-$50,000: • Adequate personal coverage in force • Minimum 3 year membership in Sons of Norway Face amounts $50,001 and above: • Follow guidelines for Other Charitable Organizations

  11. Charitable Giving Underwriting Requirements (continued) Other Charitable Organizations Face amounts $0-$25,000: • Adequate personal coverage in force • Verifiable charitable organization Face amounts $25,001-$100,000: • Adequate personal coverage in force • Verifiable charitable organization • Minimum 3 year affiliation with the charitable organization • Maximum face amount limited to a factor of 10 x’s the prior 3 year annual pattern of giving • Volunteer hours can equate to monetary giving Face amounts $100,001 and above: • Individual consideration. Please contact Underwriting before submitting the application.

  12. Questions?? We appreciate all of your business!

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