Klamath Insurance Center, Inc Blog
The process of post-claims underwriting occurs when the insurance company evaluates the client’s medical history when filing a policy and coverage. This prevents fraud while keeping the expenses at the minimum rate. However, as a policyholder, there are underlying issues that you need to be wary of.
From an insurance company's perspective, this works to prevent unreliable medical history. Some insured individuals make a false claim to get some funds, so there's a need to investigate the information and previous medical records. Medical underwriting enables the insurers to reject the applicant based on the verified information.
However, it could also be utilized for them to avoid providing full-expense coverage to maximize profit. Clients are getting less than they deserve when it occurs.
The standard post-claims underwriting should not take the company up to several days when deciding to accept applicants, whether they consider pre-existing conditions or accrediting more high-priced premiums. But in some cases, insurers depend on waiting games, such as anticipating the policyholder's summary of health history.
If the insurance company finds out that the client had been untruthful with their claim, the following consequences would have a law state influence, depending on the policymaker. The case may limit fraud or intentional deception.
As a client, it is crucial to be truthful in every claim you’re going to file. Striving this opportunity to manifest adverse settlements would lead to serious consequences such as facing state laws or complete loss of benefits. At the same time, knowing how the medical underwriting works would also be an advantage for you if ever you encounter advantageous policymakers.
At Klamath Insurance Center, Inc., we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (541) 882-5555 or Click Here to request a free quote.