Life Insurance Underwriting Pocket Guide

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1 UW Pocket Guide_ Aug 2010.v2 8/9/2010 3:26 PM Page 1 Life Insurance Underwriting Pocket Guide The Company You Keep Agent use only

2 UW Pocket Guide_ Aug 2010.v2 8/9/2010 3:26 PM Page 2

3 UW Pocket Guide_ Aug 2010.v2 8/9/2010 3:26 PM Page 3 Table of Contents Page 1 Page 2 Page 3 Introduction New York Life s Underwriting Mission Field Underwriter s Responsibility Underwriter s Responsibility The Life Insurance Application Medical Impairment Information Inspection Reports (IR) Telephone Interview Reports (TIR) Motor Vehicle Reports (MVR) Page 4 Attending Physician Statements (APS) Cover Letters Pages 5-6 The New York Life Underwriting Chart Pages 7-8 Asset Preserver Underwriting Chart Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Risk Classification Criteria Senior Risk Classification Criteria Prescription Drugs Body Mass Index Income Replacement Guidelines Reinsurance New York Life Retention Limits Informal Inquiries

4 UW Pocket Guide_ Aug 2010.v2 8/9/2010 3:26 PM Page 4 Introduction This guide has been developed to assist you with the application and underwriting process. The underwriting rules are subject to change; therefore, this guide will be refreshed, as necessary. Please make sure you have the most up-to-date underwriting charts and guidelines. New York Life s Underwriting Mission New York Life s underwriting mission is to put good business on the books while providing professional and consistent underwriting service in a timely and efficient manner. This philosophy will contribute to New York Life s long-term growth, while, at the same time, protect its longterm financial integrity. Field Underwriter s Responsibility One of the primary responsibilities of an agent is to be an effective field underwriter. The field underwriter is required to gather and record accurate and thorough information to each question on the application. The field underwriter is also responsible for providing the company s Privacy and Information Practices brochures to the client. Underwriter s Responsibility The underwriter s primary responsibility is to provide fair and consistent underwriting decisions that protect the company s financial integrity while accepting prudent risks that serve in the best interest of our policyholders. The underwriter is responsible for evaluating and categorizing each client s risk based on medical and non-medical information gathered by the agent on the application and other sources. 1

5 UW Pocket Guide_ Aug 2010.v2 8/9/2010 3:26 PM Page 5 The Life Insurance Application The application is a legal document that represents an agreement between the policyowner and New York Life Insurance Company. As such, there are rules that must be followed in order to maintain the integrity of the contract. Ask each question as stated on the application. Record accurate and thorough information. Prepare the application with deliberate neatness. Correct mistakes by drawing a SINGLE line through the error, write the correct response next to it, and have the applicant initial it. (White Out or highlighters cannot be used on an application.) Obtain the correct state HIV Notice and Consent and replacement forms. Make sure all parties sign the application. Proofread the application before handing in to the General Office staff. A complete application results in a faster processing time. Missed questions or incomplete information could result in delays for both you and your client. Medical Impairment Information If a proposed insured has a known medical condition and you would like to make a preliminary assessment, please reference the Agent s Medical Underwriting Pocket Guide or contact your underwriter with the following information: Specific diagnosis of the impairment; Date of diagnosis or onset; Treatment, including date and specific medication prescribed; Frequency and duration of episodes; Date of most recent episode; Tests completed, including date and results; and Date of the last visit to the treating physician. 2

6 UW Pocket Guide_ Aug 2010.v2 8/9/2010 3:26 PM Page 6 Inspection Reports (IR) Inspection reports (face to face interviews) are obtained on total risk amounts of $15,000,001 and more. Clients should be prepared to complete a face to face interview with a consumer reporting company for New York Life. Telephone Interview Reports (TIR) The Telephone Interview Report (TIR) program is an inhouse service provided for total risk amounts of $500,000 to $15,000,000*. For select agents, a telephone interview report will be obtained on total risk amounts of $2,500,001 - $15,000,000. TIRs may also be conducted on cases below $500,000 for quality assurance purposes. These are some very important tips to foster smooth processing of the TIR: Provide the correct phone number on the application and best time to call your client; Inform your client that they will receive a call from a New York Life representative who will ask a range of questions (such as employment, financial, medical history, etc.) that will be similar to questions answered on the application; Advise them that responses are confidential and used only for underwriting purposes; If your client does not speak English, please indicate which language and / or dialect the proposed insured speaks, to ensure that an interpreter is on the line. Motor Vehicle Reports (MVR) A Motor Vehicle Report (MVR) will be obtained on all cases** with a total risk amount of $100,000 and more, at issue ages 16 and over. * Amounts over $5,000,000 require an outside financial source. ** This is for all plans except SPUL, SPVUL and EWL. 3

7 UW Pocket Guide_ Aug 2010.v2 8/9/2010 3:26 PM Page 7 Attending Physician Statements (APS) An APS may be obtained for cause at the underwriter s discretion. Routine age and amount APS, however, will be requested under the following circumstances: Age at Application Amount 0-6 months * $100,000 and over 7 months - 40 years old $1,000,000 and over years old $500,000 and over years old $250,000 and over years old $200,000 and over years old $50,000 and over 70 years old and over All amounts * APS is required at age 0 for all amounts if the child is born premature (less than 37 weeks gestation) Cover Letters Cover letters are especially helpful to an underwriter and should be used whenever you feel there is information that may need clarification. This is your opportunity to provide greater detail to help the underwriter better understand the risk presented by your prospective client. Examples of details to include: How well you know the client; How the sale developed, purpose of insurance and determination of face amount; Unusual or extensive medical histories or financial situations; Clarification of an unusual beneficiary or ownership arrangement; Discussions with the underwriter prior to the application submission; If there are other insurers involved or if the case is known to be substandard; Any information that may be unclear on the application. 4

8 UW Pocket Guide_ Aug 2010.v2 8/9/2010 3:26 PM Page 8 THE NEW YORK LIFE Amount Ages $0 - $50,000 - Oral Fluid #, Oral Fluid # $100,000 - EBD, EBD $250,001 - EBD, EBD $500,001 - EBD $1,000,001 - $2,500,000 $2,500,001 - $5,000,000 $5,00,001 - $10,000,000 $10,000,001 - and Over = APS required at age 0 if child is born prematurely # = Dried Blood Profile and Urinalysis should be done in the state of Vermont * = No Treadmill (TST) required above age 75 = Section P on application Expanded Blood Draw (EBD) = Blood draw, urine and physical measurements For TSTs and s, smokers are defined as individuals having smoked cigarettes within the previous 12 months. 5

9 UW Pocket Guide_ Aug 2010.v2 8/9/2010 3:26 PM Page 9 UNDERWRITING CHART & Over Urine Urine, Oral Fluid # Oral Fluid # Oral Fluid, Urine, EBD (if smoker) (if smoker), TST (if smoker) TST, TST (if smoker) TST, TST* (if smoker), TST* Survivorship: Treadmills (TST) at $5,000,001, if smoker, and $20,000,001, if non-smoker Note: For Asset Preserver age and amount requirements, please see chart on pages 7-8 6

10 UW Pocket Guide_ Aug 2010.v2 8/9/2010 3:26 PM Page 10 ASSET PRESERVER Amount Ages $0 - $99,999 $ $150,000 $150,001 - $300,000 $300,001 - $500,000 (if smoker) (if smoker) $500,001 - $1,000,000 (if smoker) (if smoker) Legend: For s, smokers are defined as individuals having smoked cigarettes within the previous 12 months. All Cognitive Surveys (COG) must be completed by APPS, EMSI or Portamedic. APS is required from all physicians consulted within the last 5 years, regardless of reason. If no consult within 5 years, an MD EXAM will be necessary. Note: The maximum face amount for Asset Preserver is $1 million. 7

11 UW Pocket Guide_ Aug 2010.v2 8/9/2010 3:26 PM Page 11 UNDERWRITING CHART ,, COG,, Blood, Urine, COG,, Blood, Urine, COG,, Blood, Urine, COG,, Blood, Urine, COG 8

12 UW Pocket Guide_ Aug 2010.v2 8/9/2010 3:26 PM Page 12 Requirements Nicotine Risk Classification Criteria Ages 18 through 69 Minimum Face Amount = $100,000 The table below summarizes the knock-out criteria for the best rating classes offered: Select Preferred No nicotine use of any kind within the last 5 years Preferred / Select Standard No nicotine use of any kind within the last 5 years (Nicotine OK for Select Std) Body Mass Index See BMI Table on Page 11 See BMI Table on Page 11 Cholesterol Maximum of 250 Maximum of 250 HDL Ratio Maximum of 4.5 Maximum of 6.0 Lab Results Family History Blood Pressure Ages Ages Resting Pulse All results within normal limits No Cardiovascular Disease parent/ sibling less than age 60 Maximum of 130/80 Maximum of 140/85 All results within normal limits No Cardiovascular Disease parent/ sibling less than age 60 Maximum of 135/85 Maximum of 150/ Prescription Drugs Motor Vehicle Record Commercial Pilots See Prescription Drugs Section on Page 11 No more than two moving violations in the last 2 years. No DWI or DUI in the last 5 years. No See Prescription Drugs Section on Page 11 No more than two moving violations in the last 2 years. No DWI or DUI in the last 5 years. Yes 9

13 UW Pocket Guide_ Aug 2010.v2 8/9/2010 3:26 PM Page 13 Senior Risk Classification Criteria Ages 70 and over Minimum Face Amount = $100,000 The table below summarizes the knock-out criteria for the best rating classes offered: Requirements Attending Physician Statement Nicotine Body Mass Index Cholesterol HDL Ratio Lab Results Select Preferred Required within 3 years No nicotine use of any kind within the last 5 years See BMI Table on Page 11 Minimum 140 Maximum of 250 Maximum of 4.5 Serum Albumin > 3.6 All results within normal limits Preferred / Select Standard Required within 3 years No nicotine use of any kind within the last 5 years (Nicotine OK for Select Std) See BMI Table on Page 11 Minimum of 140 Maximum of 300 Maximum of 6.0 Serum Albumin > 3.6 All results within normal limits Blood Pressure Resting Pulse Maximum of 145/85 Maximum of 155/90 40 Pulse Pulse 100 Prescription Drugs Motor Vehicle Record Commercial Pilots See Prescription Drugs Section on Page 11 No more than two moving violations in the last 2 years. No DWI or DUI in the last 5 years. No See Prescription Drugs Section on Page 11 No more than two moving violations in the last 2 years. No DWI or DUI in the last 5 years. Yes 10

14 UW Pocket Guide_ Aug 2010.v2 8/9/2010 3:26 PM Page 14 Prescription Drugs For Select Preferred, New York Life Underwriting allows any combination of the following: One statin cholesterol lowering medication Hormone replacement (females) Thyroid replacement Osteoporosis/Osteopenia medications Sleep Aids Allergy medications GERD medications Nasal Steroid Spray (allowed only if used periodically for seasonal allergies) For Preferred or Select Standard, a single blood pressure medication is allowed, in addition to the criteria listed above. Body Mass Index (BMI) BMI is a measurement of body fat based on height and weight that applies to both adult men and women. It is another way to state the height-weight relationship. The following BMI ranges will be used to determine eligibility for Select Preferred and Preferred / Select Standard: Ages * Std N/S Preferred Select Preferred Preferred Std N/S Select Std. Ages 70 and Over Std N/S Select Preferred Preferred Std N/S Select Std. To calculate the BMI use the following formula and round to the nearest tenth (weight in pounds, height in inches): BMI = [Weight/(Height x Height)] x 703 * At most ages, Standard and Non Smoker rates are available for BMIs up to

15 UW Pocket Guide_ Aug 2010.v2 8/9/2010 3:26 PM Page 15 Income Replacement Guidelines Income replacement is simply intended to replace the earnings of the insured, should he or she die prematurely. Generally, only earned income should be used in determining the amount of insurance needed. If unearned income stops upon the death of the insured, then it too should be used in determining the replacement income. If the unearned income, such as that from investments, continues upon the death of the insured, then it should not be taken into consideration in determining the amount of insurance. When evaluating a prospective client s financial situation, the underwriter considers many factors such as earned income, unearned income, net worth, occupation, age, and future income potential. The chart below is a guide: Income Age Replacement Factors x x x x x 66+ 5x 12

16 UW Pocket Guide_ Aug 2010.v2 8/9/2010 3:26 PM Page 16 Reinsurance Reinsurance provides a way for New York Life to protect itself from financial disaster by sharing the risk. Reinsurance redistributes or diversifies the risk or threat associated with the business of issuing policies. There are two primary types of reinsurance: Automatic reinsurance is an agreement between New York Life and the reinsurer whereby the act of risk transfer will be done without the reinsurer reunderwriting the case based on the agreements of the treaty. Facultative reinsurance is an agreement by which a reinsurer independently evaluates the case and either accepts New York Life s assessment, offers a counter proposal, or declines to cover the risk. Minimum face amount for facultative consideration is $100,000. New York Life sends all Class Five risks or higher to facultative reinsurance*. Unlike many of our competitors, New York Life will honor its original assessment when the reinsurance offer is inferior. This will ensure that your client receives the best possible offer. * Except SPUL, SPVUL, EWL, Asset Preserver, and Private Placement VUL 13

17 UW Pocket Guide_ Aug 2010.v2 8/9/2010 3:26 PM Page 17 New York Life Retention Limits Retention limit is defined as the maximum amount of life insurance, inforce and applied for, that NYL is able to retain without the need for reinsurance. Retention limits are set by the Board of Directors. Single Life Maximum Issue Age and Over Maximum Retention Limit $40,000,000 $30,000,000 $20,000,000 $10,000,000 $7,500,000 Joint Life Second-to-Die Maximum Issue Age of Youngest Insured Maximum Retention Limit $50,000,000 $40,000, $30,000, and Over $15,000,000 $10,000,000 The Joint Life Second-to-Die Maximum Retention Limits will be reduced by the total amount of insurance coverage on the two insureds already issued by all New York Life companies. 14

18 UW Pocket Guide_ Aug 2010.v2 8/9/2010 3:26 PM Page 18 Informal Inquiries Informal inquiries remain an important part of your business. An informal inquiry is used to determine whether or not a policy might be issued on a client, and at which possible classification, before an application is formally taken. We utilize two types of informal inquiries, the pre-trust case and the insurability case. The pre-trust situation is where a formal application is not used because the trust has not yet been finalized. Insurability cases are those where the intention is to determine the likelihood of a client s insurability based upon the information submitted. The agent should fully complete the informal inquiry form (# ) and identify whether the inquiry is for insurability or pre-trust. This two-page form includes a special authorization to allow the company to check the MIB and to obtain medical records, as needed. Important Note: Deposit premiums and temporary coverage should never be accepted or provided on these cases. For an insurability case, the underwriter will review the history and advise the General Office to order specific medical requirements or Attending Physician Statements, as needed, from the medical providers indicated on the form, to assess the risk. For a pre-trust case, the agent may order the appropriate age and amount medical requirements. The underwriting department will order any TIRs or MVRs, as needed. When a decision on the informal inquiry has been made, the General Office will be notified through NB21. The Administrative Manager will be instructed to print and deliver the offer or declination letter to the agent. No letters will be sent to the client and/or applicant. 15

19 UW Pocket Guide_ Aug 2010.v2 8/9/2010 3:26 PM Page 19 NOTES

20 UW Pocket Guide_ Aug 2010.v2 8/9/2010 3:26 PM Page (08/10) SMRU CV (8/2012) New York Life Insurance Company New York Life Insurance and Annuity Corporation (A Delaware Corporation) 51 Madison Avenue New York, NY The Company You Keep For internal use only. Not to be used with the general public.

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