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.
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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