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WHAT IS AN INSPECTION
REPORT?
An inspection report consists of confidential background
information on an individual applying for life insurance. The
majority of inspections are completed via telephone. Multi-million
dollar cases may require the client to be seen in person. This is
determined by the insurance company, and varies from company to
company. The average length of an inspection report is 10 minutes.
This can vary depending upon the applicant's history. Information
that will be covered includes, but is not limited to, health,
business, personal and financial information. The health profile
includes hospitalizations, surgeries, medications, height, weight,
and personal physician. In gathering this information it will
assist the underwriter in determining if the applicant is
insurable.
The business profile
includes details such as the nature of the applicant's business,
the amount of employees, number of locations, where they do
business, and if any air travel is involved. Because the applicant
spends the majority of his day working, giving the underwriter
background information on the business helps to determine if the
applicant is in a hazardous environment, working around hazardous
materials, and if the applicant is traveling to foreign countries.
The personal profile will include if the applicant is involved in
any hazardous sports, past or present tobacco use, drinking
habits, past or present drug use, and driving record. This will
help determine if the client is a high risk individual to insure.
The financial profile will
include the applicant's annual salary, bonus, and investment
income. It will also include (assets/liabilities) net worth
information. This is to help justify the amount of insurance the
applicant is applying for. In most cases life insurance is used
for income replacement purposes, and to cover estate taxes. This
information will help to show the financial stability of an
individual, and to show the need for the coverage. This
information is strictly confidential. The inspection report can
only be released to the underwriting department at the home office
of the insurance carrier. This information is not sold, traded, or
put in a computer for anyone to access. Due to the Fair Credit
Reporting Act personal information such as this can not be
released to anyone but the insurance carrier. This is a policy we
strictly enforce.
TAM Inspection Services is an outside information reporting
company. We do not work for the insurance agent, brokers, or
agencies. We are hired by the insurance company to complete an
unbiased report to collaborate information obtained on the
application. We are not given a copy of the application at any
time. Although the applicant has given some of the information on
the application and it seems redundant, we are required by the
underwriting requirements to complete these reports with the
applicant, or a family member. We are not allowed to take any
information from the agent. This would be a conflict of interest.
Please understand that the insurance companies must have impartial
and accurate information about their applicants to make informed
underwriting decisions.
Sincerely,
Theresa A. Mulloy, President
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