suitability - ANSWERThe process of determining whether a particular insurance or annuity product is an appropriate purchase for an applicant based on the applicant's needs and financial condition.
best interest standard - ANSWERA legal requirement that recommendations must only consider the cons...
suitability - ANSWERThe process of determining whether a particular insurance or annuity product is
an appropriate purchase for an applicant based on the applicant's needs and financial condition.
best interest standard - ANSWERA legal requirement that recommendations must only consider the
consumer's interest and not the interests of the financial institution or financial professional.
Regulation Best Interest - ANSWERA Securities and Exchange Commission (SEC) package of rules and
interpretations, effective June 30, 2020, designed to enhance the quality and transparency of retail
investors' relationships with investment advisers and broker-dealers. Also known as Reg BI.
data analytics - ANSWERThe practice of applying analytical techniques to large amounts of raw data
in order to draw conclusions and make business decisions.
business rules engine - ANSWERSoftware that automatically applies rules to data to reach a decision.
exception-based underwriting - ANSWERElectronic underwriting that automatically accepts
applications that meet certain well-defined criteria and refers the rest for further evaluation by a
human underwriter.
antiselection - ANSWERThe tendency of people who believe they have a greater-than-average
likelihood of loss to seek insurance protection to a greater extent than do those who believe they
have an average or a less-than-average likelihood of loss. Also known as adverse selection.
teleunderwriting - ANSWERA method by which a home office employee or a vendor gathers most or
all of the information needed for underwriting during a telephone or videochat interview.
Attending Physician's Statement (APS) - ANSWERA report by a physician who has treated or is
currently treating a proposed insured. Also known as a medical attendant's report (MAR).
blood profile - ANSWERA group of laboratory tests that analyze a sample of blood to identify factors
that point to possible chronic and acute diseases.
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