Banner/William Penn – Administrative Update

The payor relationship to the insured is one of the material considerations of whether to extend coverage:

When a change is requested immediately following policy issue, a re-examination is required to assess whether an offer of insurance remains appropriate in light of the new payor profile.

Effective September 28, 2015, payor changes after the underwriting decision will require additional case review and approval. Please allow up to 48 hours for review and decision.

An updated application page (p2) is no longer necessary as all payor changes will result in an amendment.

Please be prepared to provide the following information when requesting payor changes:
* Who is the payor and what is their relationship to the insured and owner?
* What is the reason for the requested change?
Posted in Bulletins.