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KMID : 0365420080270020085
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Journal of the KLIMA
2008 Volume.27 No. 2 p.85 ~ p.95
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A study on the effective administration of medical risk selection system for life insurance
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Ham Dong-Un
Chun Jin-Man
Shim Suk-Kyueng
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Abstract
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When an insurance company receives an application for life or health insurance, the company must evaluate the degree of risk the individual for insurance coverage presents before the company agrees to issue the policy. A medical factor is a physical or psychological characteristic that may increases a hazard. A financial factor is financial information that is taken into account by underwriter to determine if a person is applying for more than he/she reasonably needs or can afford. A personal factor is a lifestyle choice. There are several medical risk selection systems in Korean life insurance market. They are attending physician’s statement, direct examination by insurance doctors, and paramedic examination. However there is some dissatisfaction of current system. It is possible that cooperation of part-time insurance doctors system may be one of useful system of medical risk selection. Improvement of medical risk selection system will be an important matter of profitability of insurance company and it will contribute to sound life insurance system.
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