Pekin Presentation
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Transcript of Pekin Presentation
J. Mark Williams National Life Marketing Manager
David Coughlin Senior Sales Manager
PEKIN Partners
brings you
Financial Information
Assets 1.3 Billion
Capital and Surplus 125.4 Million
Invested Assets 1.2 Billion
Business Mentality
• Old School
• Underwriting is based on field underwriting
• Strongly believe in the agent physically seeing the client and taking the application
Loss Ratios
• Agents are expected to manage their book of business and maintain a reasonable loss ratio.
• Acceptable loss ratios would be 60% or below on a newer block of business eventually increasing as the block of policies ages maintaining an average of 73% or less
Underwritten Business Percentage
• Agents are expected to have a blend of underwritten and non-underwritten business.
Placement Rate
• The company wants to avoid a situation where an agent has a large amount of rejections.
• This typically happens due to a lack of understanding of the underwriting process or incomplete applications.
Underwriting Mentality
• The company is a field underwritten model vs a simplified issue model.
• Agent’s are expected to obtain all of the information necessary to underwrite the application
• There are no APS’s
• Therefore any questions regarding the insured’s health will be directed to the agent for clarification.
Application
Catalog of Products page 9 Uninsurable Impairments
Within 3 years-Heart Attack, Coronary Bypass Surgery, Angioplasty, and or stent replacement
Within 2 years-Stroke or more than one in a five year period
Ever- Cardiomyopathy, Hemophilia,
Heart and Circulatory Conditions
Underwriters typically are looking at whether a condition is under control and typically the longer the better
4A) Heart valve disease, carotid artery
disease, peripheral vascular disease,
coronary artery disease, angina,
cardiomyopathy, congestive heart failure, or
heart attack
4B) A stroke or transient ischemic attack (TIA,
mini-stroke)
4C) Heart surgery including angioplasty,
bypass, or stent placement or surgery for
carotid artery or peripheral vascular disease
Application 4D) Internal Cancer, leukemia, lymphoma,
melanoma, or multiple melanoma
Catalog of Products page 9 Uninsurable Impairments
Within 5 years-if treated by radiation or chemotherapy
Current-Internal Cancer (including Melanoma) if currently present
Within 3 years- surgery for cancer removal
Cancer
Application 4E) Diabetes, Parkinson’s Disease, Chronic
Kidney Disease, Alzheimer's Disease,
Dementia, Chronic Obstructive Pulmonary
Disease, Emphysema, Cirrhosis of the Liver.
Or Multiple Sclerosis
Catalog of Products page 9 Uninsurable Impairments
Emphysema- No Oxygen (typically recent diagnosis without any other chronic conditions)
Diabetes-NO Insulin (Typically the shorter time frame the better and can be a problem when combined with circulatory condition)
Parkinson’s Disease- Individual consideration (Typically recent diagnosis with no meds for the condition) (other health conditions typically a factor)
Other Chronic Illnesses
I would always call underwriting first before taking an application on Parkinson’s Disease or Emphysema
Above conditions are uninsurable except for Diabetes, Parkinson’s Disease , Emphysema
Application 4F) Alcohol and Drug Abuse
Catalog of Products page 9 Uninsurable Impairments
Current Treatment –Uninsurable
Recovery-at least two years without subsequent use as a general rule
Alcohol and Drug Abuse
Application 4G) Any mental or nervous disorder requiring
treatment (including hospital confinement) by a
psychiatrist, psychologist, counselor, or
therapist
Catalog of Products page 9 Uninsurable Impairments
Current Treatment –Uninsurable
Mental and Nervous Disorders
Previous diagnosis of Psychosis (insanity) is uninsurable
Application
5) Within the past two years have you been treated for
degenerative bone disease, crippling/ disabling or
rheumatoid arthritis or have you been advised to have a
joint replacement
Rheumatoid arthritis will be given individual consideration
if it is not crippling or disabling
6) Have you ever been diagnosed with or treated by a
physician or licensed medical professional for acquired
immune deficiency syndrome (AIDS) or AIDS related
complex
9) Do you need assistance or supervisions of any kind to
perform everyday living activities (such as: walking,
cooking, eating, personal hygiene, including toileting and
bathing, dressing, housekeeping or shopping.
10) Do you use any medical appliance such as a
wheelchair, walker, cane, or hospital bed.
11) Have you ever been advised that you may require
surgery but not had the surgery.
Knock Out Questions
Knock Out Questions
Application 7 and 8) Within the last 12 months have you consulted
or been treated by a physician or other medical
practitioner, been confined or has had confinement
recommended to a hospital, nursing home, home for
the aged, or any other institution or care center
Other Impairments
Name of Condition Diagnosis Date of diagnosis Tests performed Dates of treatments Medications prescribed Date treatment completed Any limitations in regular activities due to the impairment Current Condition Name and address of physician or health facility that will have the most complete records
The Catch All Questions
Application 12) Have you smoked cigarettes or used tobacco in
any form within the last 12 months? If you have quit
using tobacco, list the quit date_____________
Tobacco Use
Quit date does not apply
Other Uninsurable Conditions
• Addison’s Disease • Chronic Brain Syndrome • Crohn’s Disease • Ulcerative Colitis • Regional Enteritis (if severe) • Cushing’s syndrome • Leukemia • Lou Gehrig’s Disease • Lupus (disseminated or systemic) • Paget’s Disease • Heart Valve Replacement
These are relatively commonly encountered conditions. This is not a complete list of uninsurable conditions. Uninsurable conditions that rarely occur are not included.
Doctors and Prescription Drugs See Attached
See Attached
If you do not have enough space use a separate page Make sure to have the client date and sign the additional page or pages.
Effective Dating
• Do not submit applications more than 60 days from the effective date of the policy
• Backdated applications will not be accepted
• No other person including the spouse may sign on behalf of the proposed insured
Drafting of Premium
• First premium is drafted on issue
• For EFT, the withdraw date must be within 10 days of the effective date
Pre-Existing Conditions
• Policies are issued with a six month waiting period unless you provide proof you are replacing creditable coverage. If you qualify as an eligible person the waiting period will be waived
I would send evidence of creditable coverage with application
Submitting Business
• New Business
• Fax: 309-323-8440
• Email: [email protected]
• Mailing Address: Pekin Insurance c/o Heartland Financial Group 1600 NE Coronado Dr. Blue Springs, MO 64014
Contact Us: Bill Ellsworth – Vice President- HFG/Presenter – [email protected]
J. Mark Williams – National Life Marketing Manager – [email protected]
800-322-0160 Ext. 2194
Agency Services/Contracting-Licensing/Supplies
Sandy Stamper – [email protected] – 844-502-6781
Tamrah Starr – [email protected] – 844-502-6781
Underwriting
800-322-0160 ext. 2823 or 2537
Policy Owner Services 800-322-0160 ext. 2823 or 2718