Evidence of Insurability

Also found in: Acronyms.

Evidence of Insurability

Documentation that an applicant for life or health insurance is sufficiently healthy to be sold a policy. Many policies do not require evidence of insurability, but others mandate a health exam prior to the policy's issue.

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Without Evidence of Insurability

References in periodicals archive ?

Answer: The companies that offer AL policies realize that the flexibility to increase the face amount is not that significant if increases require evidence of insurability. Consequently, most companies offering AL policies issue them with guaranteed purchase or insurability riders.

5 FAQs about adjustable life insurance

By considering the results of adverse exercise behavior depending on an insured person's health status, we derive policy implications and analyze whether a requirement of charges or evidence of insurability would be advisable.

Understanding the death benefit switch option in universal life policies

(35) Coverage may not be conditioned upon evidence of insurability. (36)

Chapter 21: taxation of individual health insurance coverage

Conversion occurs under a group policy when an insured individual applies for an individual policy without evidence of insurability within a stipulated period of time before the group insurance coverage terminates.

Glossary

Increases in the face amount usually require evidence of insurability. Also, an increase in premiums requiring an increase in the face amount to stay within the definition of life insurance guidelines of Code section 7702 usually will require evidence of insurability.

Adjustable life insurance: Pros and cons

* Restrictions for grandfathering of existing plans without evidence of insurability? As the market matures this will become a greater challenge for carriers and could affect risk appetite.

Complex decisions on critical illness: deciding to enter the group voluntary CI market requires many careful considerations

The rider also typically can be converted to a cash value plan later, without evidence of insurability.

Riding to the rescue: a wide variety of new and popular riders add new life to universal coverage

The underwriting insurance company is unhappy with the risk spread and may want to decline to issue the case, raise the rates, lower the commissions, ask for evidence of insurability, or all of the above.

Top voluntary benefit pitfalls (and how to avoid them)

The new permanent policy is priced for the client's "attained" (current) age, but the insured doesn't have to submit new evidence of insurability.

Next term life challenge: conversion options

In addition, a good term policy with convertibility allows clients to obtain a more permanent policy without providing further evidence of insurability.

Economic uncertainty presents opportunity for life insurance

Similarly, an elective increase in the death benefit (requiring evidence of insurability) of a universal life policy that was acquired before June 21, 1988 would also subject the policy to testing.