Underwriting

In the life insurance industry, underwriters perform the crucial role of evaluating the clients and properly categorizing their risk
factors. In this module, you will learn the basic concepts of underwriting, the life insurance application process flow, and how to
deliver excellent service that will benefit both our clients and our company. This module can help you because, as financial advisors,
you also function as field underwriters. 
Are you ready? Let's begin! 

Introduction

Learning Objectives

DEFIN ITION OF UN DER WR ITIN G

De nition of Underwriting

Let's Review

TH E "H OW" OF UN DER WR ITIN G

The "How" of Underwriting

Risk Factors

Bene ciary Election

Policy Transactions

Sources of Underwriting Information

Underwriting Decisions

Let's Review

TH E LIFE IN SUR AN CE APPLICATION PR OCESS FLOW

 The Life Insurance Application Process

Filling out the Application Form

Recognizing Physical Signs of Diseases

Let's Review

Non-medical

Medical

Special Tests

Inspection Report and Financial Requirements

Let's Review

UN DER WR ITIN G GUIDELIN ES

Guardianship Proceedings for Minors

Guidelines for Ages 70 and Above

Guaranteed Insurability Offer (GIO) Guidelines

Foreign Travel Guidelines

Occupational Guidelines

GLOSSAR Y

Glossary

SUMMAR Y

Summary

KN OWLEDGE CH ECK

Knowledge Check

ACH IEVEMEN T B ADGE

Congratulations!

DOWN LOADAB LE R ESOUR CES

Downloadable Resources
Lesson 1 of 30

Introduction

Watch this short video for an introduction to underwriting – as explained by Tina Dizon, Chief New Business and Underwriting Officer of Sun Life of
Canada (Philippines) Inc.

Introduction video by Tina Dizon, Chief New Business and Underwriting Officer of Sun Life of Canada (Philippines)
Inc.

Complete the content above before moving on.

Next: Learning Objectives

Find out what you will be learning in this module.

LEARN MORE
Lesson 2 of 30

Learning Objectives

By the end of this module, you will be able to:

1. Describe Insurance Underwriting

2. Explain the value of having an Underwriting process and
why it is an essential part of the insurance application
procedure
3. Describe how the Underwriting process works

Next: Definition of Underwriting

Discover what Underwriting means; learn why it is an important process, and identify the two important
factors that Underwriting assesses.

LEARN MORE
Lesson 3 of 30

Definition of Underwriting

What is Underwriting? And why is it important? 

Play the video to find out more about Underwriting.

Complete the content above before moving on.

Next: Let's Review

Let's see what you have learned.

LET'S REVIEW
Lesson 4 of 30

Let's Review

It is the process of evaluating an applicant’s MORTALITY and MORBIDITY. It also assesses the right risk classification of

the applicant and decide whether to accept or decline the application.

Brighter Life Approach

Underwriting

Needs-based

Money Management

SUBMIT

Complete the content above before moving on.

Lesson 5 of 30

The "How" of Underwriting

Underwriters evaluate the potential effects of the different RISK

FACTORS (e.g., medical, health, and lifestyle) on a person's life
expectancy 

We will now explore the "How" of Underwriting.

With insurance underwriting, the focus is on the potential policyholder – the person seeking health or life insurance. This is why we will discuss the
following in more detail:

Check each box to proceed.

The risk factors

Beneficiary election

Policy transactions

The sources of underwriting information

Underwriting decisions

Complete the content above before moving on.

Lesson 6 of 30

Risk Factors

(If you are on a slow internet connection, this section may take a few moments to load. Thank you for your patience.)

Complete the content above before moving on.

Lesson 7 of 30

Beneficiary Election

Let’s discuss Insurable Interest further.

Beneficiaries may be elected by right, order, or designation.

To better understand this concept, read through the scenarios.

Election by Right

Applicant

Juan and Maria are married. Juan is the applicant for an insurance policy to insure Maria (the insured). Juan may elect himself to be the beneficiary of the

insurance policy.

Relationship by Marriage

Juan is the applicant for an insurance policy for himself (the insured). Since Maria is his wife, he may elect Maria to be a beneficiary of his insurance policy.
Relationship by Consanguinity

Juan is the applicant for an insurance policy for himself, making him both the insured and the policy owner. Since Juan has a grandchild named Pedro, he

may elect Pedro as his beneficiary. 

Business Affiliation
Juan is the applicant for an insurance policy for himself, making him both the insured and the policy owner. Carlo is Juan's business partner. Juan may
elect Carlo as a beneficiary for Juan's insurance policy. 

Election by Order

Juan is the policy owner and the insured. Under beneficiary by order, who will receive the proceeds if he is taken out of the picture?

Click the hotspots in order from 1, 2, then 3 to understand the order flow.


 
 

Juan

Juan is the policy owner and insured.

 

Maria

In case Juan dies, Maria being the wife and the primary beneficiary will get the proceeds.
 

Grandmother of Juan

The contingent beneficiary (Grandmother of Juan) will receive the benefit only in the absence of the primary beneficiary
and the insured.

Election by Designation

 

 

 
 

Juan (husband)
 

Juan (husband)
 

Maria (wife, Primary & REVOCABLE)

 

Juan (husband)
 

Juan (husband)
 

Maria (wife, Primary & IRREVOCABLE)

Complete the content above before moving on.

Lesson 8 of 30

Policy Transactions

Signature of the Irrevocable Beneficiary

The signature of the irrevocable beneficiary is required in certain transactions. 

Click the cards to learn the transactions that require the signature of the irrevocable beneficiary, and the transactions that do not require the signature.

Change of Beneficiaries

Policy Loan

Policy Surrender

VUL Withdrawal

VUL Surrender

Withdrawal of Accumulated Endowment

Request for Fully Paid-Up Life/

Endowment

Plan Change

Withdrawal of Accumulated Dividends

Change of Address

Change of Dividend Option

Name Change
Complete the content above before moving on.
Lesson 9 of 30

Sources of Underwriting Information

The underwriter very seldom receives first-hand information on the insured. The underwriter depends on the documents and reports submitted by the
advisor, the medical examiner, insured’s attending doctors, and other sources of medical information. 

These serve as primary sources of underwriting information. Most of these information sources are obtained or submitted by the advisor. This

underscores the very important role that you play in risk selection. 

Here are the specific sources of underwriting information:

Check each box to proceed.

Application Form

Medical Examination Report

Advisor’s Confidential Report (ACR)

Attending Physician Statement (APS)

 Amendment of Application (AOA)

Medical Information Database (MID)

Inspection Report

Personal Declaration of Insurability

Other Special Reports:

Financial Questionnaire

Advisor’s covering letter justifying the need for insurance

Financial Statements

Other Underwriting related documents (e.g., AMLA and FATCA)

Most of these information sources are obtained or submitted by the advisor. This underscores the very important role that you play in risk selection.

Complete the content above before moving on.

Lesson 10 of 30

Underwriting Decisions

(If you are on a slow internet connection, this section may take a few moments to load. Thank you for your patience.)

Complete the content above before moving on.

Next: Let's Review

Let’s see what you’ve learned.

LET’S REVIEW
Lesson 11 of 30

Let's Review

A beneficiary that could be removed anytime by the policy owner WITHOUT any consent needed. The proceeds

payable to this beneficiary are subject to estate tax.

Contingency Beneficiary

Primary Beneficiary

Irrevocable Beneficiary

Revocable Beneficiary

SUBMIT

Complete the content above before moving on.

This is a type of underwriting decision where additional requirements were requested by the underwriter for further

appraisal yet the advisor did not respond within the given deadline.

Approved at Standard Rate

Declined

Not Proceeded With (NPW)

Not Taken Up (NTU)

 SUBMIT

Complete the content above before moving on.

Lesson 12 of 30

The Life Insurance Application Process

Life Insurance Application Process Flow

Complete the content above before moving on.

 Click the image to enlarge.

Click the link below to download a copy of the Life Insurance Application Process Flow for future reference.

Life_Insurance_Application_Process_Flow.pdf
385.6 KB

C O NT I NU E

The Life Insurance Application Form

The application form must be answered truthfully and completely filled-out. Download a copy of the PDF to check out what information are needed. 

Click the download link below.

 SLOCPI_Application_for_Life_Insurance_14June2018.pdf
187.7 KB

The Pre-submission Checklist

To get you started, please download and open the Pre-Submission Checklist. 

Click the download link below.

SLOCPI_Checklist_03Sep2018.pdf
81 KB

Proof of Temporary Life Insurance

To get you started, please download and open the Proof of Temporary Life Insurance. 

Click the download link below.

Proof_of_Temporary_Life_Insurance.pdf
5.9 MB
Complete the content above before moving on.
Lesson 13 of 30

Filling out the Application Form

You must be careful when filling out the application form. Be guided by the Do’s and Don’ts provided here.

Click each box to learn the Do’s and Don’ts.

DO's

Fill out the application form in

FRONT of the client.

Use a BLACK PEN in filling out

the application form.
Ask the client to affix his or her
initials on minor corrections or
use the Alteration of Application
Form.

Write using BLOCK LETTERS.

 Tick off boxes using either the
check mark or X mark.

Use a new application form if

the correction is on the signature
and/or date and place of signing.

DON'Ts
Do not submit typewritten

applications.

Do not leave questions blank

unless not applicable.

Do not submit applications that

are incompletely filled out.
Avoid cursive words.

Do not use chemical or liquid

erasers.

Do not collect premiums if:

Th t Lif I
 The temporary Life Insurance
questions are answered YES.
The face amount exceeds the
retention limit.

Complete the content above before moving on.

Income Replacement/Income Multiple Table

The table below provides income multipliers to be applied when an individual’s work history is stable, earnings will continue into the near future, and
future prospects are promising. 

Example: 30 = 18

The number on the left side of the equation [e.g. 30] reflects the age of our client.

The number on the right side of the equation [e.g. 18] reflects the income multiplier.

Click the hotspots below to know more.

 
 

Age

The number on the left side of the equation [e.g. 30] reflects the age of our client.
 

Income Multiplier

The number on the right side of the equation [e.g. 18] reflects the income multiplier.

As the age increases, the income multiplier decreases. The multipliers vary by age being higher at the younger ages reflecting the number of productive
years. 

 NOTE: Even if the prospect needs Ps. 30M insurance coverage based on Financial Needs Analysis, Underwriting will
decline insurance coverage more than the annual salary x income factor of the prospect.

Complete the content above before moving on.

Retention Limits for First Class Risks

Retention Limit is the maximum amount of risk retained by an insurer per life (based on age of the insured and coverage amount). Beyond that, the
excess will be subject to reinsurance.

If the total amount applied for and existing coverage with Sun Life exceeds the amounts shown below, the excess will be subject to reinsurance. Do not
collect premiums if beyond our retention limit.
 Click the image to enlarge.

NOTE:

Exchange Rate = Ps. 50.00 per US$ 1.00. Calculation of retention limit is inclusive of all existing death benefits under regular
underwritten policies, GIO, SIO + the current Application. 

Validity of the Application Form

APPLICATION FORM

Submit within thirty (30) days from date of signing.

Lesson 14 of 30

Recognizing Physical Signs of Diseases

(If you are on a slow internet connection, this section may take a few moments to load. Thank you for your patience.)

Complete the content above before moving on.

Next: Let's Review

Let’s see what you’ve learned.

LET'S REVIEW
Lesson 15 of 30

Let's Review

Choose the best answer/s that apply.

When filling out the application form, you should:

Fill out the application form in FRONT of the client

Take your time and bring home the application form

Write using BLOCK LETTERS

Use a BLACK PEN in filling out

Make sure that your handwriting cannot be read

SUBMIT

Complete the content above before moving on.

Lesson 16 of 30

Non-medical

Non-medical Limits (Regular)

Non-medical Limits is the maximum amount of a policy that an insurer will issue without the applicant taking a medical examination, although medical
questions are asked each time during the application process. Always aggregate death benefit of basic life policies + GIO + SIO + Term benefit issued
within the past 24 months and add to pending application. Do not include WPD, WPDD, CI and FMB products and riders in the aggregation.

Always aggregate the death benefit of basic life policies + GIO + SIO + Term benefit issued within the past 24 months
and add to pending application. 

Do not include WPD, WPDD, CI and FMB products and riders in the aggregation. 
 Click the image to enlarge.

Non-medical Authority Limits for Critical Illness

Non-medical Limits for Critical Illness is the maximum amount of a policy that an insurer will issue without the applicant taking a medical examination,
although medical questions are asked each time during the application process.

Read through the details. Check each box to proceed.

Non-medical limits will be based on aggregation of all CI policies and CI benefits issued within the past 2 years.

Include all issued and pending CI products and CI benefits, such as CIB, Sun LifeAssure, Sun Maiden and Female Critical Illness in the aggregation.

Critical Illness maximum issue limit will be increased from Ps. 8 Million to Ps. 15 Million per life. Issue limit for Female benefit policies and riders will
remain at Ps. 2 Million.

Random requirement of medical exam and may be done from time to time (exclude: GIO and single pay apps). **cotinine for non smoker rate policies
only.

Underwriter reserves the right to require medical exam depending on the profile of the case.
Complete the content above before moving on.
Lesson 17 of 30

Medical

Full Medical Examination (FME) Guidelines

These guidelines are important because they serve as a reference and checklist on how to properly guide clients during the medical examination.

Click the image to enlarge.

1
 Click the image to enlarge.

 Please take time to download the PDF file so that you can study it and use the guidelines for reference in case the
clients have questions regarding the FME.

FME_Guidelines.pdf
347.9 KB

Complete the content above before moving on.

Medical (LOA) Process for Metro Manila Accredited Laboratories

(If you are on a slow internet connection, this section may take a few moments to load. Thank you for your patience.)
Sample template for LOA request.
 Click the image to have a larger view.

Complete the content above before moving on.

Medical (LOA) Process for Provincial Accredited Laboratories 

(If you are on a slow internet connection, this section may take a few moments to load. Thank you for your patience.)
Use the link below to download a copy of the Medical (LOA) Process for Provincial Accredited Laboratories form for future reference.

Sample-LOA_for_JUAN_DELA_CRUZ.pdf
443.6 KB

Complete the content above before moving on.

Medical Examiner's/Paramedic's Limits

Examiner's Limit

Regular Examiners are usually nurses who conduct Medical Examinations but only up to a certain amount of coverage.

Mobile examiners are more flexible and can usually conduct medical exam anywhere or preferred place of the insured.

Non-mobile examiners only conduct medical exams at their respective workplaces.

Special Examiners are usually doctors who conduct Medical Examinations regardless of the amount of coverage.

Mobile examiners are more flexible and can usually conduct medical exam anywhere or preferred place of the insured.

Non-mobile examiners only conduct medical exams at their respective workplaces.

Note: Dipstick is different from routine micro urinalysis.

 Click the image to enlarge.

Use the link below to download a copy of the Medical Examiner's/Paramedic's Limits for future reference.

Examiners_Limit.pdf
253.5 KB

Complete the content above before moving on.

Blood Test Requirements & Cotinine Guidelines

 Click the image to enlarge.

Use the link below to download a copy of the Blood Test Requirements & Cotinine Guidelines for future reference.

Blood_Test.pdf
269.2 KB

Validity of Medical & Financial Requirements

Application Form

Once the applicant signs the application form, he or she now has within 30 days to submit and complete all requirements needed. In the event that
the applicant fails to complete all requirements, the officer will not be able to proceed with the application process.
Medical Exam

Take note of the validity periods of these medical exams as they will be useful when submitting requirements:

1. Medical exams are valid for three (3) months if done for the current application.

2. Medical exams are valid for six (6) months if taken from a previously issued standard policy.

3. Medical exams are valid for three (3) months if taken from a previously rated, declined, postponed, or NPW’ed case.

NOTES: 
1. For #2 and #3 above, complete the Non-Medical portion of the Application. 

2. Underwriter reserves the right to require a medical examination depending on the assessment results.
Special Tests

Special tests such as Cotinine test, PSA, CBC have a validity of one (1) year. These special tests will be required if the sum of the client application and
all Sun Life policies issued within the past 2 years equals or exceeds the stated limit.

Financial Requirements

Financial requirements are valid for one (1) year, unless there are updates due to year-end changes in financial statements. So always make sure that
you have with you your most updated financial statements.
Complete the content above before moving on.
Lesson 18 of 30

Special Tests

Special Test Limits for Basic Life + Renewable Term Benefit (RTB)

Click the image to enlarge.

1
 Click the image to enlarge.

Use the link below to download a copy of the Special Test Limits for Basic Life + Renewable Term Benefit (RTB) for future reference.

Special_Test_Limits.pdf
442.1 KB

Complete the content above before moving on.

Validity of Special Tests

Special tests such as the Cotinine test, PSA, CBC have a validity of one (1) year. These special tests will be required if the sum of the client application and
all Sun Life policies issued within the past 2 years equals or exceeds the stated limit.

Complete the content above before moving on.

Lesson 19 of 30

Inspection Report and Financial Requirements

Inspection Report

Check the box to proceed.

The Inspection Report is required if the aggregate total in force + pending with SLOCPI + Other Companies equals the stated limit.

Click the image to enlarge.

 NOTE:  The Underwriter reserves the right to require Inspection Report depending on assessment results.
For requests to rush inspection reports, cost in excess of regular inspection report will be paid by the advisor.

Complete the content above before moving on.

Financial Requirements

Check the box to proceed.

Financial requirements are necessary if the aggregate total in force + pending with SLOCPI + Other Companies equals the stated limit.
Note: Exchange rate used is US$ 1.00 = Ps. 50.00

Complete the content above before moving on.

Next: Let's Review

Let's see what you've learned.

LET'S REVIEW
Lesson 20 of 30

Let's Review

The maximum amount of insurance that an insurer is willing to carry at its own risk on any one life.

Reinsurance

Reinstatement

Retention Limit

Non-Medical Limits

SUBMIT

Complete the content above before moving on.

This is the maximum amount of a policy that an insurer will issue without the applicant taking a medical examination,

although medical questions are asked during the application process.

Retention Limit

Financial Requirements

Inspection Report

Non-Medical Limit
 SUBMIT

Complete the content above before moving on.

Lesson 21 of 30

Guardianship Proceedings for Minors

Click the image to enlarge.

1
Click the image to enlarge.

2
 Click the image to enlarge.

Use the link below to download a copy of the Guardianship Proceedings for Minors for future reference.

Guardianship_Guidelines.pdf
1.3 MB
Lesson 22 of 30

Guidelines for Ages 70 and Above

These are some of the Underwriting Guidelines for the proposed insured age 70 and above.

Click the image to enlarge.

Use the link below to download a copy of the Guidelines for Ages 70 and Above.

Guidelines_for_Ages_70_and_Above.pdf
964.5 KB
Lesson 23 of 30

Guaranteed Insurability Offer (GIO) Guidelines

Click the image to enlarge.

1
Click the image to enlarge.

2
Click the image to enlarge.

3
Click the image to enlarge.

4
Click the image to enlarge.

5
 Click the image to enlarge.

Use the link below to download a copy of the Guaranteed Insurability Offer (GIO) Guidelines for future reference.

Guaranteed_Insurability_Offer_(GIO)_Guidelines.pdf
1.7 MB
Lesson 24 of 30

Foreign Travel Guidelines

Play the video to learn more about the Underwriting Considerations for Foreign Travel Guidelines.

(If you are on a slow internet connection, this section may take a few moments to load. Thank you for your patience.)

Complete the content above before moving on.

Take time to download the Foreign Travel Guidelines PDF file to know more. Click the link below.

Foreign_Travel_Guidelines_with_WPD_WPDD_Ratings_01June2017.pdf
599.2 KB
  REVIEW OF RATING

Reconsideration of a rating or a declined application may be considered subject to our usual Policy Change guidelines once
the insured is no longer travelling and a reasonable period of time has elapsed (e.g., 1 year). Some lapse of time is necessary
to ensure that the insured has had time to settle into a new lifestyle or occupation that does not include the travel and
reduces/eliminates the chances that he will return to such a lifestyle. It also ensures that any disease that may have
surfaced as a result of the travel has been resolved.

SOLICITATION

Solicitation is defined as the entire new business process from illustration, application to completion of underwriting requirements including
examinations and policy delivery. 

1. Solicitation must take place in the Philippines. 

2. Mandatory and underwriting requirements should be completed before client leaves for abroad.

REQUIREMENTS FOR OVERSEAS FILIPINO WORKERS

1. Application form, basic mandatory requirements, age/amount requirements. Complete residence and business addresses
should be written in the Application form. P. O. Box is not allowed.

2. AMLA Form (SSS or GSIS and TIN) and valid government issued ID with picture and signature.

3. A cover letter describing the country of destination, purpose of travel, duration of previous and current travel,
occupation and details of duties, employer, income, etc. This will help in the evaluation of the application.

4. Indicate in the Application Form and proposal the extra premium and include the extra premium in the payment, if
known.
REQUIREMENTS FOR NON-FILIPINO CITIZENS

1. Application form, basic mandatory requirements, age/amount requirements. Complete residence and business addresses
should be written in the Application form. P.O. Box is not allowed.

2. AMLA Form; Alien Certificate of Registration (ACR) or I-Card showing immigration status; and photocopy of passport with
picture and signature.

3. Advisor's report to include occupation and nature of duties, details of immigration status, duration of approved stay in
the Philippines.

4. Residential Background questionnaire.

Complete the content above before moving on.

Lesson 25 of 30

Occupational Guidelines

Click the image to enlarge.

1
Click the image to enlarge.

2
 Click the image to enlarge.

Use the link below to download a copy of the Occupational Guidelines for future reference.

Occupational_Guidelines.pdf
547.8 KB

Occupation_Guidelines_with_Simplified_WPD_WPDD_Ratings_01June2017.pdf
1.2 MB

Complete the content above before moving on.

Click the Glossary button to familiarize yourself with terms used in Underwriting.

GLOSSARY
Lesson 26 of 30

Glossary

Reference: Sun Life Underwriting Manual

Approved or declined only

–
Approved if eligibility requirements and GIO limits are met.
Declined if any of the eligibility requirements were not met and GIO limits are exceeded.
Albumin (Serum): Albumin is a blood plasma protein which is produced in the liver. As such, low levels can be reflective of an altered liver function or
kidney disease. It binds to and transports many small molecules in the blood, including calcium, various hormones and also drugs. It plays a role in
preventing fluid in the blood from leaking out into the tissues.

Alkaline Phosphatase
–
Alkaline phosphatase is an enzyme found in bone, liver, bile ducts, placenta and other tissues.

Creatinine (Serum)
–
This test measures the amount of Creatinine in the blood. Creatinine is a break-down product of Creatine phosphate in muscle and is usually produced
at a fairly constant rate by the body. Creatinine is measured to see how well kidneys are working.

Glucose (Serum)/ Fasting Blood Sugar (FBS)

–
A fasting blood sugar (glucose) is a blood test to measure the quantity of sugar (glucose) in a blood sample taken after fasting for 8 to 12 hours. The
fasting blood glucose test is commonly used in the detection of diabetes mellitus.

HDL
–
Good cholesterol
LDL
–
Bad cholesterol

Liver enzyme tests (SGOT, SGPT, GGTP)

–
Liver enzymes are useful in liver disease.

RTB
–
Renewable Term Benefit

GIO
–
Guaranteed Insurability Offer

SIO
–
Simplified Insurability Offer

PSA
–
Prostatic Specific Antigen

CBC
–
Complete Blood Count
 Complete the content above before moving on.

Next: Summary
Let’s wrap up this Module and review key concepts.

LET'S WRAP UP
Lesson 27 of 30

Summary

Let’s review the key concepts of this module.


 

What is Underwriting?

Underwriting is the process of evaluating the risk and exposures of potential clients by evaluating the applicant’s MORTALITY and MORBIDITY.
 

Why is Underwriting Important?

Underwriting is important because when an individual applies for insurance coverage, he or she is asking the insurance company to take on the potential risk of
having to pay a claim in the future.

Therefore, Underwriting is an essential process in any insurance application as it seeks to:

- Identify the right risk classification of the applicant.

- Decide whether to accept or decline the application.

- Give the fair price or premium to each applicant.

 

The underwriting process is comprised of the following concepts and guidelines:

Risk Factors
Beneficiary Election
Policy Transactions
Sources of Underwriting Information
Underwriting Decisions
Insurance Application Form
Medical Exams
Special Tests
Financial Requirements

Complete the content above before moving on.

Lesson 28 of 30

Knowledge Check

Ready to show what you know? Choose the best answer for each question.
Question

01/05

It is the process of evaluating an applicant’s MORTALITY and MORBIDITY. It also assesses the right risk classification of the

applicant and decide whether to accept or decline the application.

Brighter Life Approach

Underwriting

Needs-Based

Money Management
Question

02/05

The maximum amount of insurance that an insurer is willing to carry at its own risk in any one's life.

Reinsurance

Reinstatement

Retention Limit

Non-Medical Limits
Question

03/05

A beneficiary that could be removed anytime by the policy owner WITHOUT any consent needed. The proceeds payable to this
beneficiary are subject to estate tax. 

Contingent Beneficiary

Primary Beneficiary

Irrevocable Beneficiary

Revocable Beneficiary
Question

04/05

This is a type of underwriting decision where additional requirements were requested by the underwriter for further appraisal

yet the advisor did not respond within the given deadline. 

Approved at Standard Rate

Declined

Not Proceeded With (NPW)

Not Taken Up (NTU)

Question

05/05

This is the maximum amount of a policy that an insurer will issue without the applicant taking a medical examination, although

medical questions are each time asked during the application process. 

Retention Limit

Financial Requirements

Inspection Report

Non-Medical Limit
Lesson 29 of 30

Congratulations!

You have completed module 8.

You have earned a badge!

Next: Downloadable Resources
You may download the handouts for your review.

DOWNLOAD
Lesson 30 of 30

Downloadable Resources

Click the PDF to download the resources.

Life Insurance Application Process Flow

Life_Insurance_Application_Process_Flow.pdf
385.6 KB

Life Insurance Application Form

SLOCPI_Application_for_Life_Insurance_14June2018.pdf
187.7 KB

Pre-Submission Checklist

SLOCPI_Checklist_03Sep2018.pdf
81 KB

Proof of Temporary Life Insurance

Proof_of_Temporary_Life_Insurance.pdf
5.9 MB
Full Medical Examination (FME) Guidelines

FME_Guidelines.pdf
347.9 KB

Medical (LOA) Process for Provincial Accredited Laboratories Form

Sample-LOA_for_JUAN_DELA_CRUZ.pdf
443.6 KB

Medical Examiner's/Paremedic's Limits

Examiners_Limit.pdf
253.5 KB

Blood Test Requirements & Cotinine Guidelines

Blood_Test.pdf
269.2 KB

Special Test Limits for Basic Life + Renewable Term Benefit (RTB)

Special_Test_Limits.pdf
442.1 KB
Guardianship Proceedings for Minors

Guardianship_Guidelines.pdf
1.3 MB

Guidelines for Ages 70 and Above

Guidelines_for_Ages_70_and_Above.pdf
964.5 KB

Guaranteed Insurability Offer (GIO) Guidelines

Guaranteed_Insurability_Offer_(GIO)_Guidelines.pdf
1.7 MB

Foreign Travel Guidelines

Foreign_Travel_Guidelines_with_WPD_WPDD_Ratings_01June2017.pdf
599.2 KB

Occupational Guidelines

Occupational_Guidelines.pdf
547.8 KB
 Occupation_Guidelines_with_Simplified_WPD_WPDD_Ratings_01June2017.pdf
1.2 MB

Module Handout

Underwriting.pdf
30.2 MB

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