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Understanding Underwriting: An In Depth Guide Part 4 – Case Studies B

Understanding Underwriting: An In Depth Guide Part 4 - Case Studies 6 - 10
As per our previous article, our collection of case studies is designed to demystify the underwriting process, highlighting how insurers assess different applications based on the insurer’s criteria, the applicant’s risk profile, and the specific insurance coverage applied for. These examples serve to illustrate the spectrum of potential outcomes in underwriting, providing insight into how insurers evaluate personal details and unique case factors.

It’s crucial to recognize that these case studies do not cover all potential underwriting results and are not indicative of outcomes for all insurers. Moreover, previous underwriting decisions do not necessarily predict future results, as each application is evaluated individually.

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In the case studies that focus on “Hospitalisation Cover,” the Integrated Shield Plan (IP) coverage is referred to and a “Traffic Light illustration” (AS PER THE LIA GUIDELINE) is used to visually categorize the range of possible underwriting outcomes.

This system is not confined to one specific outcome per color but shows a continuum:

  • Green: Illustrates the ideal outcome, where coverage is approved at the standard rate without additional premiums or exclusions.
  • Yellow: Points to an approval at standard rates with some exclusions attached to the policy.
  • Orange: Indicates that additional premiums are required due to higher assessed risks.
  • Red: Describes the most critical outcomes, such as a denial of coverage or deferral of the decision pending more information or changes in the applicant’s condition.
Source: LIA

This intuitive, color-coded approach helps applicants grasp the possible variations in underwriting decisions, equipping them to anticipate different scenarios when applying for insurance.

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Our experienced advisors will guide you through your options, ensuring you understand and maximize your insurance benefits. Take control of your future today and feel confident knowing you’re well protected.

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