Underwriting Process

• For applicants aged 1 month to 15 years:

  • Completed juvenile insurance application form.
  • Copy of birth certificate or valid ID card.
  • Health records (if under 1 year old).
  • Consent letter from a parent or guardian for medical history disclosure.
  • Agent's report.
  • Temporary binding receipt.

• For applicants aged 16 years and above:

  • Completed insurance application form.
  • Copy of valid ID card.
  • Consent letter for medical history disclosure.
  • Agent's report.
  • Temporary binding receipt.

1. Document Submission: Upon receiving the completed application and necessary documents, the company evaluates the risk associated with insuring the applicant.

2. Risk Assessment Outcomes:

   • Standard Policy Issuance: If the applicant meets standard criteria, a policy is issued without additional documentation.
   • Request for Additional Information: The company may require further details, such as additional medical examinations or questionnaires, to support the underwriting decision.
   • Counter-Offer with Adjusted Premiums: Based on factors like health status, occupation, or hobbies, the company might propose a policy with higher premiums.

3. Policy Issuance and Acceptance:

   • Once underwriting is complete and the policy is approved, it is delivered to the applicant along with an acknowledgment letter.
   • The applicant should review the policy details, sign the acknowledgment, and return it to the company.
   • Applicants have the right to a "Free-Look" period, allowing them to cancel the policy within 15 days of receipt.

4. Non-Acceptance Scenarios:

   • Incomplete Additional Requirements: If the applicant doesn't provide the requested additional information within the specified timeframe, the application is terminated, and any paid premiums are refunded.
   • Declined Counter-Offer: If the applicant rejects the company's counter-offer, the application is canceled, and any premiums paid are refunded.
   • Postponed or Declined Applications: The company will inform the applicant in writing if the application is postponed or declined, and any premiums paid will be refunded.

This structured process ensures that each applicant receives appropriate coverage based on their individual risk profile.