{"id":42281,"date":"2018-09-18T21:00:00","date_gmt":"2018-09-18T11:00:00","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=42281"},"modified":"2018-09-25T19:48:17","modified_gmt":"2018-09-25T09:48:17","slug":"latest-poll-6-2","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2018\/09\/18\/latest-poll-6-2\/","title":{"rendered":"Do Medical Definitions Impact Your Choice of Insurer?"},"content":{"rendered":"<div id=\"polls-205\" class=\"wp-polls\">\n\t\t<div class=\"pollHeader\"><strong>Are you more likely to consider recommending products from an insurer which more frequently updates its medical definitions?<\/strong><\/div><div id=\"polls-205-ans\" class=\"wp-polls-ans\"><ul class=\"wp-polls-ul\">\n\t\t<li>Yes <small>(73%)<\/small><div class=\"pollbar\" style=\"width: 73%\" title=\"Yes (73% | 96 Votes)\"><\/div><\/li>\n\t\t<li>No <small>(17%)<\/small><div class=\"pollbar\" style=\"width: 17%\" title=\"No (17% | 23 Votes)\"><\/div><\/li>\n\t\t<li>Not sure <small>(10%)<\/small><div class=\"pollbar\" style=\"width: 10%\" title=\"Not sure (10% | 13 Votes)\"><\/div><\/li>\n\t\t<\/ul><div style=\"text-align: center\"><\/div><\/div>\n\t\t<input type=\"hidden\" id=\"poll_205_nonce\" name=\"wp-polls-nonce\" value=\"7cca5bd47e\" \/>\n<\/div>\n\n<p>Our latest poll is seeking your views as to whether\u00a0 you are more likely to consider recommending products from an insurer which updates its medical definitions on a more frequent basis?<!--more--><\/p>\n<p>This questions stems from information presented to the Royal Commission into Misconduct in the\u00a0Banking, Superannuation and Financial Services Industry, which heard last week that many life insurers did not have a regular, formal definitions review process until at least 2016 (see:\u00a0<a href=\"https:\/\/riskinfo.com.au\/news\/2018\/09\/18\/major-insurers-lacked-definition-review-processes\/\" target=\"_blank\" rel=\"noopener\">Major Insurers Lacked Definition Review Processes<\/a>).<\/p>\n<p>All life insurance members of the FSC were required to have a formal definitions review process for on-sale policies in place by mid-2017 when the mandatory Life Insurance Code of Practice took effect, which requires a review of definitions at least every three years.<\/p>\n<p>The Commission heard that while three insurers had opted to use this time frame, another would carry out a review every 18 months and six had chosen to undertake a review of medical definitions each year.<\/p>\n<p>So, how much of a &#8216;make or break&#8217; issue is this for advisers, and their clients? The negative media coverage in 2016 around CommInsure&#8217;s use of an outdated definition for heart attack seems to confirm that community expectations in this area are high.<\/p>\n<p>Is this your view, or in your experience, is the time-frame under which medical definitions are reviewed less important than the cost of the policy or the underwriting process or the exclusions your client may face when seeking cover.<\/p>\n<p>Tell us what you consider to be the most critical issue in play in this situation and we\u2019ll report back next week.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Our latest poll is seeking your views as to whether\u00a0 you are more likely to consider recommending products from an insurer which updates its medical definitions on a more frequent basis?<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,3,49],"tags":[4247],"class_list":["post-42281","post","type-post","status-publish","format-standard","category-compliance-regulation","category-general","category-polls","tag-feature"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/42281","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=42281"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/42281\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=42281"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=42281"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=42281"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}