UNDERWRITING
Accelerated UW from page 16
They can ’ t hide
Even though it might say accelerated underwriting , there ’ s a lot of information a carrier can get without an exam or medical records from the client – prescription history report , motor vehicle report , and even an electronic platform showing diagnosis codes listed by doctors – to name a few .
Particularly in accelerated underwriting situations , it ’ s better disclosing the information on the front end than it being uncovered by the underwriter . If the client is trying to hide something , keep moving because it is not worth your time or your license .
In some cases , the fully underwritten policy is still more beneficial to the client due to the rate class offered .
SBA loans
Some carriers will knock the application out of the accelerated underwriting program if even just an application ( not exam ) was submitted with any carrier in the last 12 months . In some cases , the fully underwritten policy is still more beneficial to the client due to the rate class offered . It is important to consider the option of applying and placing in force the policy with the accelerated underwriting option to satisfy the loan quickly and after issue apply with the fully underwritten option which will allow the client more time for underwriting . For the accelerated underwriting policy , using a carrier with Living Benefits can help to keep the policy on the books even after a fully underwritten policy is placed since there is added value and another layer of protection provided .
Bottom line
For either accelerated or fluidless underwriting to be successful , your client must be honest and as the broker you have to keep up with carrier guidelines and place them with the best carrier to fit their needs .
CALENDAR
APRIL 2022 MAY 2022
AUGUST 2022 SEPTEMBER 2022
NOVEMBER 14 – 16 2022
The sky ’ s the limit for the independent distribution channel in 2022 . Join NAILBA at the Gaylord Texan Resort in Dallas , TX .
18 Perspectives Q2 2022