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Essay / Research Paper Abstract
A 3 page paper that explains and discusses group underwriting of health care plans. What do underwriters do; what are group plans? The writer comments on whether group underwriting is fair when there are one or two catastrophic cases. Bibliography lists 3 sources.
Page Count:
3 pages (~225 words per page)
File: ME12_PG699099.doc
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Unformatted sample text from the term paper:
the risk of members of the plan. The insurance company offsets the risk through premiums and deductibles charged for services. The company must make a profit to stay in business
and thats where the underwriter comes into play (Insureline, 2007). Underwriters calculate risk. They determine how much risk an individual poses to the company. Underwriters are basically number-crunchers trying to
make sure the company charges an accurate amount for their insurance so they are competitive and also so that they stay in business (Insureline, 2007). All insurance applications are reviewed
by an underwriter and that underwriter is going to decide whether or not the applicant is granted the insurance policy (Insureline, 2007). Group insurance is written for a group
of people. The underwriter does not consider individuals, only the group. Individuals do not even have to provide much information to the insurance company. It is likely that every group
health plan has many members who are in poor health. Even so, there is a type of underwriting that does take place (Financial Web, 2011). In group settings, underwriters will
consider the type of work being performed, the ages of members of the group plan, and the probability of risk. In terms of types of work, miners would be at
greater risk than office workers, for instance. A mostly older workforce would be at higher risk for chronic conditions than a younger workforce. Insurers do not like it when there
is very little turnover. There need to be retirements or dismissals so that new and younger people enter the group (Financial Web, 2011). The insurer can establish restrictions for insurance
(Financial Web, 2011). For instance, in high turnover sectors like fast food, they can require employees work there for 90 days before they are eligible for insurance. It would just
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