Guaranteed Issue

Guaranteed Issue

The legal requirement for an insurance company to issue a policy to an applicant regardless of his/her level of risk. This especially applies to health insurance. For example, an insurance company may be compelled to issue a policy to a person with a pre-existing condition. In general, higher risk policyholders still must pay a higher premium for their insurance. In the United States, Obamacare mandates guaranteed issue of health insurance.
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References in periodicals archive ?
One of the slidedecks describes actuaries' current thinking about guaranteed issue and simplified issue life insurance programs.
BANKING AND CREDIT NEWS-June 22, 2017-AXA adds long-term care services rider to guaranteed issue program
M2 EQUITYBITES-June 22, 2017-AXA adds long-term care services rider to guaranteed issue program
These market reforms include guaranteed issue, bans on waiting periods and pre-existing condition exclusions, out-of-pocket cost limits and new sets of essential health benefits.
These market reforms indude guaranteed issue, bans on waiting periods and pre-existing condition exclusions, out-of-pocket cost limits, and new sets of essential health benefits.
Evidently, the issue is that the major carriers have not been interested in bidding on a guaranteed issue group plan for the Bar members because of the vast range in age (young and veteran) and health.
The redesigned plan allows brokers and agents to offer higher monthly disability benefits, improved guaranteed issue options and simplified underwriting to their clients.
The individuals who speak for consumers at the National Association of Insurance Commissioners (NAIC) have come up with ideas for how regulators and lawmakers could keep new federal guaranteed issue rules from wrecking the individual health insurance market.
Guaranteed issue is offered for coverage up to $20,000.
The researchers, Nancy Turnbull and Nancy Kane, included 3 states--Massachusetts, New Jersey and New York--that require individual health insurers to sell coverage on a "guaranteed issue" basis and offer the same rates to sicker applicants that they offer to healthier applicants.
Remember these two phrases: "guaranteed issue" and "you get what you pay for."
Their gamble is actually encouraged by 'guaranteed issue' laws in many states that reassure the irresponsible that they can avoid buying insurance until they get sick."
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