New Business Submission Tips

  • Print or type the application in black ink
  • Verify the identity of your applicant with current photo I.D.
  • Personally question the applicant on all questions contained in the application and record his or her answers accordingly
  • Provide a full explanation to all ‘yes’ answers given on the application
  • If physicians, treatment centers or hospitals are referenced, include contact information for each facility or individual
  • HIV Consent Notice – get it signed when included in the application packet
  • full illustration must be signed for all UL cases. This will be come part of the insurance policy.
  • Replacement Form – In addition to cases were coverage is being replaced, the form must be completed in NAIC states whether you are replacing existing coverage or not. In those states, the existing carriers will automatically receive a replacement notice & your client will likely be contacted. You should forewarn them that they should expect to get a letter from any existing carriers.
  • Existing Insurance – All carriers, policy numbers, face amounts and beneficiaries must be admitted.
  • The amount of inforce death benefit on your client is information used in the underwriting process and it will be attained via the MIB, so it is best not to hold up underwriting by listing all coverage on the application.
  • Health Insurance Portability and Accountability Act (HIPAA) Authorization disclosure form must be signed in all cases.
  • If your client has been examined for an application with another carrier within the last 6 months, most carriers will accept those exam results but ONLY the client can request that the records be transferred.
  • Agent’s Report must always be completed with full details to all ‘yes’ answers. This is your opportunity to tell the underwriter the conditions under which you found this sale to be in fitting for your client. Don’t forget, a cover letter is always a welcomed addition to new applications.
  • Temporary Insurance/ Conditional Coverage – You should carefully consider the benefits & potential consequences of collecting money with your applications. Click Here for TIA vs Conditional Receipt .pdf
  • Trusts – If a trust will own the policy, you will need to supply a copy of the first page of the trust, showing the date it was formed and who the trustees are, as well as a copy of the last page showing the signatures. If there is a tax I.D. for the trust other than a SS# of one of the trustees, you will need to list that as well.
  • 1035 Exchanges – You should advise your client that this process can take up to 60 days to complete. They can expect to receive conservation notices from their existing carrier. An original signature will be required by the releasing carrier and it must be dated within 30 days of when the request is made. If it takes longer than 30 days to process the request, you will have to get a new signature from your client. In most instances, we will have the policy held for issue until the 1035 money is received.
  • Disability Income for Business Owners – Your clients who are business owners will need to provide 2 years tax returns when applying for D.I. coverage.
  • Avocation Questionnaires – Clients who participate in avocations such as scuba diving, auto racing, rock climbing, pilot’s license, etc will be required to complete a separate questionnaire about their activities. These activities could result in temporary or permanent flat extra dollar amounts of premium per thousand dollars worth of death benefit coverage.
  • Tobacco Questionnaire if applying for alternate tobacco rate or for non-tobacco rates and client has recently ceased usage.
  • EFT Authorization can sometimes include an indication to the carrier that you client wishes to purchase temporary insurance. It is best NOT to indicate that the initial premium be drafted. It is best to wait until underwriting is complete & all delivery requirements have been received.
  • Business Insurance – there is a separate section of information that you should collect when the policy is being purchased as a Buy-Sell or Key Man policy. Be prepared to show proof of insurance on inforce policies of all business owners. A cover letter to explain the need for the coverage is best to have upfront.
  • Signatures on the Application – If the owner of the policy is a person or entity other than the insured, additional signatures are needed. If a business or trust will own the policy, someone other than the insured must sign on behalf of the business or trust. Parents must sign their own name as both owner & insured.