Occupation Classification
Standard Insurance Company Individual Disability Insurance Manual 12288.22 Revised September 5, 2012 Occupation Classification Overview The underwriting process starts with a Change in Occupation clear understanding of the business in which the proposed insured is engaged Reduction of premiums for a change in and the duties of the occupation. occupation will be considered after a Duties is the key word. The applicants permanent change, other than due to must clearly state what they do for a retirement, to a lower premium rate living – the duties of the job are occupation. The insured must have relevant, not just the title. Please avoid performed in the less hazardous general terms such a salesperson, occupation continuously for at least executive or president, without further one year and have no intention of description. A complete description of returning to the primary duties of the duties is required. previous occupation. If an individual has multiple or part-time When underwriting a request for occupations, the occupation reduction of occupational premium, in classification will be determined by the addition to evaluating the change in occupation with the greatest risk. occupation, The Standard will consider build, medical history and Classifying Occupations impairments, habits and all other underwriting factors. An insured who A particular job and job duties are has changed to a lower premium rate generally classified in accordance with occupation, but who has become a the hazards of the work and the higher risk for some other reason, will difficulty involved in returning to work. not qualify for improvement in the occupation class. Other factors may also strongly affect the claim experience, such as the social Any premium refund will depend on or economic environment.
[Show full text]