Question: What is the process for viewing and approving pending Insurability requests for purposes of voluntary life, AD&D, Critical Illness and disability?
Answer: You can use the "Review Insurability Request" link found on the company Home tab. This link allows you to view any employees/spouses that have requested an amount of Voluntary life or AD&D coverage greater than the Guaranteed Issue amount. By selecting the Pending link next to the individuals name you are able to complete the action of Approving, Declining, Rejecting, or Withdrawing the amount of insurance requested greater than the Guaranteed Issue amount.
What does each option mean? When do I use it?
Approve: A portion or the entire amount of insurance requested above the Guarantee Issue Limit has been approved by the insurance company. Insert the amount and date of approval provided by the insurance company. This option is used when a partial or full amount has been approved.
Decline: Select this action if the entire amount of insurance requested above the Guarantee Issue Limit is denied by the insurance company after completing the Evidence of Insurability (EOI) leaving only the guaranteed amount.
Reject: Select this action if the entire application, including the Guarantee Issue Amount has been denied by the insurance company (meaning the employee has no life insurance).
Withdrawn: The employee has withdrawn the request for additional insurance coverage which requires completing an Evidence of Insurability (EOI). For example, the EOI form was not completed or the employee decided not to complete the form.