Welcome to ampminsure However, I'm not sure whether medical underwriting has any special significance in India or not, but certainly its an important component of all the underwriting processes across the globe.
When you apply for a policy the insurer will probe into you medical history as to ascertain the risk involved in insuring you. the health condition of an individual directly affects his/her exposure to the risk elements, like- in case of life insurance, it affects the applicants life span. And, writing a health insurance policy, entirely depends upon the findings of medical investigations.
Underwriting is required to determine that fate of you application, rate, coverage amount, whether any modification in the policy is required to offer you the coverage or not.
Medical underwriting involves medical examinations of blood, urianalysis and so forth. Many of the insurers bear the cost of the medical tests of the applicants. I guess that signifies the importance of medical underwriting. _________________ Register Now to have your Insurance queries solved.
I've heard that some companies offer policies without medical underwriting, but in most cases they're fraudulent or may charge exorbitant premiums for the coverages offered. IMO it wud be wise to stay out of those companies boast to offer protection without the underwriting hassles. _________________ Register Now to have your Insurance queries solved.
Medical underwriting is common on most insurance companies. This is for them to check your medical history so that they can asses how much would be the premium of your insurance policy. In some cases there are some companies that don't offer medical examinations but they require you to answer some medical related questions. For example, a simple question about smoking, or drinking alcoholic drinks or past illnesses and diseases. You are expected to be honest in answering these questions. If you would not disclose the right medical history, there might be some problems that may arise in the future, especially in insurance claims. _________________ A life worth living...
Most non medical policies have clauses that allow the insurer to investigate at time of death. This means that when the insured dies the insurer can look at the insured's medical file and dig back from the date of application and prior to check for pre-exisitng conditions. And the insured is no longer there to clarify or explain!
With medical underwriting everything is disclosed at time of application and the policy is in force except for material misrepresentation - and most policies limit that for 2 years unless fraud can be proven. _________________ I am an insurance broker from Ontario licensed for all types of insurance.
However, I'm not sure whether medical underwriting has any special significance in India or not, but certainly its an important component of all the underwriting processes across the globe.
