Importance of Statement of Good Health in Insurance: Obtaining Accurate Information for Underwriting Decision

Under what circumstances should the producer obtain a Statement of Good Health?A. When the client wants to obtain a quoteB. If no premium was paid at time of application and the policy is now being deliveredC. At the time of application, in cases where the producer wants to be sure the applicant is not withholding any informationD. At the first client meeting, to determine if an application should be completed

If no premium was paid at time of application and the policy is now being delivered*The producer must also get a Statement of Good Health from the applicant/insured at the time of policy delivery that verifies that the insured has not suffered injury or illness, had any surgeries, or been admitted to a hospital since the application date.

The correct answer is C. At the time of application, in cases where the producer wants to be sure the applicant is not withholding any information.

A Statement of Good Health is a document that provides information about the health status of the applicant at the time of application. This information is necessary for the insurer to assess the risk of insuring the individual and to determine the premium that will be charged. Therefore, it is important for the producer to obtain a Statement of Good Health at the time of application to ensure that the applicant is not withholding any information that could affect the underwriting decision.

In some cases, the insurer may require a Statement of Good Health when a client wants to obtain a quote or if no premium was paid at the time of application and the policy is now being delivered. However, the primary reason for obtaining a Statement of Good Health is to ensure that the applicant is providing accurate and complete information at the time of application.

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