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Health Insurance, the process |
After comparing health insurance rates, you will be provided with a list of insurance carriers with deductibles and premium rates. You will then be given the opportunity to choose and apply for a health insurance plan that best fits your needs.
Once your application is submitted, the underwriting process will then begin. The underwriters job is to determine the applicants rate of risk. Risks are determined by a number of things, some including the applicant’s health, habits, occupation, hobbies, weight as well as other details on the applicant. There are basically three applicant risk classifications. Someone insurance with a standard risk typically is seen by the insurer as someone who has average health and average risk. Those with substandard risk have a higher risk factor than those with standard/average risk. Preferred risk classifications are for individuals with less than average risk. By practicing healthy living and maintaining a low risk lifestyle by exercise and health conscious eating can result in earning the classification of “preferred risk”. This will result in a much lower deductible and monthly premium.
