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Vann | Why do insurers needs a policyholder to answer financial questionnaire? |
is it to
a) Det premium rate? or
b) know if p/holder have other policies/commitments?
please choose one answer (or if neither pls provide answer)
Additional Details
rephrase: On top of the application/proposal form why do insurers smtimes req. clients to fill in a financial questionnaire? |
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Twinkles
|
B) know what other policies you have to check you are not over-insured |
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jmc445976
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It goes back to mis-selling a few years ago. The sellers now have to prove they have ensured that the product they are selling you is appropriate for your needs. |
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Financial Wizard
|
1) The agent is looking for other opportunities to assist you financially.
2) The company is trying to prevent fraud
3) The 911 reason. They are trying to find out if your a criminal or a terrorist. |
|
aires69uk OFFICIAL
 |
I'm sorry but even with your additional information, I still don't understand enough to give you a good answer. I know you are a student but you should think more carefully about your words. |
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grimlock_grimlock
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Sorry, ihave no time to answer this question....my teas ready!!! |
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allen555
 |
Don't understand a)
Insurers are trying to stop multiple claims and insurance fraud. |
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Neil
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It is called financial underwriting and is a way of ensuring excess life cover is nor being applied for, in case of suicide. |
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aaron p
|
More generally for suitability and financial underwriting.
A and B only encompass part of suitability and financial underwriting. If your agent can't answer these questions, you might want to find someone you feel is more competent. |
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Professor Wonderful
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The questions have nothing to do with the premium rate. That is set in stone.
The companies we write for do not make a profit on an insurance policy until eight or even nine years. Thus, if we write a policy on a person who is likely to drop the policy before eight years or more, the company will sustain a loss. This is not the way to protect the company.
We are not allowed to write policies for a million dollars on a person who makes twenty thousand a year. The guy could apply for a position as a Muslim suicide bomber.
We have to protect the other policy holders. That is, if we write a bad policy, then the 'profits' suffer and thus, the dividends for the other policy holders go down.
Our task, as salesmen, is to protect the company so they may insure others. Hence, financial questions. |
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