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Risk Appraisal Criteria

Needed To Evaluate Risk

There are certain risk appraisal criteria which must be met when an insurance considers issuing large life insurance policies.


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Financial Requirements

  • Proof Of Income - Helps in determining if the policy applied for is justified
  • Tax Returns - Also to prove income.
  • Personal Balance Sheet - Sometimes required.
  • Business Financial Statements - For business life insurance - buy sell agreements, key person insurance

Personal Requirements

  • Driving Record - Moving violations, accidents etc.
  • Smoking Information - Does applicant now smoke, what do they smoke - cigarettes or cigars. Has applicant smoked in the past year or two.
  • Drug Use - Asked on application, but investigated also if indicated.
  • Airplane Flying - Number of hours etc.
  • Skydiving - Details and frequency.
  • Bungee Jumping - Frequency.

Personal History Interview

  • Confirmation of name.
  • Confirmation of birthday.
  • Confirmation of employment data and income.
  • Confirmation of medical history as indicated on the application.
  • Confirmation of tobacco use history or lack of it.
  • Confirmation of drug use history or lack of it.

An inspection report is usually required. This is done by an inspection company retained by the insurance. The inspectors are usually quite discreet. All information obtained is confidential unless otherwise indicated by the applicant.


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