What does the phrase 'subject to underwriting' mean on an insurance quotation?
What does the phrase subject to underwriting mean on an insurance quotation?
When we provide an insurance quote, it's a projection, dependent upon the final underwriting process completing successfully.
When we start the process we try to provide a quote projection based upon the information you have supplied to date on a worst case scenario.
After we get the opportunity to review your medical situation in detail, we then work back to a best case scenario that is usually cheaper too.
A pre-assessment involves two steps
Quoting is the first step
Underwriting is the final step in the assessment and includes a careful review of any medical reports.
After the formal underwriting process is completed, you might receive a revised quote depending upon your medical history.
It might take longer than expected, but the process delivers a fully underwritten policy that provides peace of mind that all assessments decisions have been completed and you know exactly where you stand.
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The advisor to Unusual Risks Insured: Drew Browne is an Authorised Representative and Sapience Corporation Pty Ltd. ABN 29 086 679 718 is a Corporate Authorised Representative of an Australian Financial Services Licensee AFSL Shartru Wealth Management Pty Ltd #422409 ABN 46 158 536 871. Any information provided is General Advice Only and we have not considered your personal circumstances. Before making any decision on the basis of this advice you should consider if the advice is appropriate for you based on your particular circumstance. Unusual Risks is a Trauma Informed Organisation (TIO) and affirms the Darlington Statement on Intersex Human Rights Australia.
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