Everyone wants their business to be speedy and painless. When it comes to Underwriting, we cannot always guarantee that, however, if we can get the applications in good order (IGO) upon submission, you will see the payoff in the end!
In each of my next few blogs, I will be going over a different application for one of our core carriers so we can all work together to making your business run as smoothly as possible. Since the majority of business we receive comes from Wisconsin, I will be using it as the example. If you are writing in another state and are unsure of ANYTHING, please talk with me.
We will start with North American (NA). Below is a rundown of the forms that are automatically required for each product.
ADDvantage Term and Custom Guarantee
1. The 9 page application it self.
3. HIV Consent form
4. Community property form IF the insured is married in any of the following states: Alaska, Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin.
5. Replacement form: This is ALWAYS required in WI if the person has ANY existing insurance EVEN if they are NOT replacing it, this is a WI law. The law is different in every state so please check with me if you are writing out of WI.
Builder IUL, Guarantee Builder IUL, Rapid Builder IUL
1. Exact same required forms as the Term above.
2. Disclosure form: L-3190 REV 9-14L
3. Allocation form: ICC14L-3189A 11-14F
4. Telephone Authorization: O-2758 7/06
Please remember to ask for a 1035 form if one is needed!
There are a handful of forms like the 1035 that could be needed depending on the case so, the more we know going in, the more we can get up front with the application. Our goal is to reduce the amount of times our agents have to go back and forth to the client – all of this info will help! Forms that are not necessarily required, but could be are listed below:
1. 1035 form
2. Avocation forms: Does your client Sky dive, have a pilot license, race motor sports, hang glide, mountain climb, scuba dive, foreign travel, etc. All of these activities have forms that could be required.
3. Drug/alcohol forms: If the client has a DUI history or drug use history these forms will be required.
4. Personal/Business Financial forms: If your client is applying for 2 million or more of personal insurance, a personal financial supplement is automatically required. The business supplement will be required for almost all business insurance cases, so it is always smart to get that up front, or at least let them know it will be something we will need down the road.
5. Temporary Insurance form: Cleary required when someone is looking to bind their insurance starting from the date on the application. You can bind that with a physical check or an EFT form.
6. EFT form: We can complete an EFT form with the delivery requirements so you will never be required to have this up front UNLESS you are binding temporary insurance when submitting the application.
We at ISG are here to make your lives simple. If there is ever a case you just are not sure about, we urge you to call so we can go over your specific case at that time.
With all of our core carriers, we find that there are questions or parts of the application that are missed on a fairly regular basis. In order to ensure that your application is IGO, I’d like to highlight those areas that are missed quite frequently on the North American (NA) application.
PAGE 2 – QUESTION 9
In most cases, page 2 is almost completely left blank. The only question on this page required is question 9. Please make sure to answer!
PAGE 4 – QUESTIONS 12 & 17
There are two sections that are commonly missed on Page 4. Question 12 is most commonly filled out that the insured will be the payer. Please make sure to fill this section out correctly! We often see the insured box is checked and when we get the delivery requirements, the check comes from a relative or business. North American does care about who the payer is, they just want to know up front who will be paying for the policy. If it is someone other than the insured, you can see there are boxes to explain who that person is.
Question 17 is where we are verifying if the case is COD (cash on delivery) or has temporary insurance (TIA). If there is a TIA, you have 3 options to tell NA how you are binding it (EFT, Credit Card, or Check). Again, make sure to have the temporary insurance form filled out if this is the case.
PAGES 6 & 7
Pages 6 and 7 are sometimes confusing. Page 6 is ALWAYS required to be filled out by the AGENT. Page 7 is not necessarily required to be filled out by the agent, but there is a note at the top explaining when it is required. If a Paramed is not populated with the exam, Page 7 IS required by the agent. If a Paramed is required with the exam, the agent can skip this page in the application. If we know the insureds age and face amount before you take the application, we can tell you if a Paramed exam will be required with the application or not. In my opinion, it is always better to get Page 7 filled out right away up front to take the guesswork out of it. These questions are things every agent should know about their client prior to submitting an application regardless. Every carrier has different “niches” we want to avoid applying somewhere that will not be a good fit for your client. Pre-underwriting is a very important step with this so I encourage all our agents to get comfortable with asking these types of questions.
Page 9 – QUESTIONS 1 – 4
Questions 1-4 are ALWAYS required by the agent. Please make sure to fill those out.
Once you have this info engrained in your mind, I can promise you we will all start to see the pay off!
If you have further questions, or just need ISG to elaborate on a certain item, we are here for you! This post will always be up for you to come back to as well!
Please reach out on your next case and we can work together to make sure it is IGO!