Insurance - Life Insurance business process

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krishnapunekar
08-29-08, 04:07 AM
Can you please help me in knowing what the different stages in Life Insurance business process are?

Example: Business may start with Quote or New Business (Policy)
After this, I would like to know, what happens?
Do claims /Underwriting come into picture?

I need to understand the entire business flow like, where does Claim, Underwriting etc... Fit in in the business process.

Also, If you have any pictures depicting the business flow in sequence OR if you know any site that depicts my cause, please help.

Whitenack
08-29-08, 07:03 AM
Is this your homework?

Quote
Application
Underwriting - (Medical Exam & Medical Records)
Offer
Acceptance
Issue
Delivery
Premium payments

The only time Claims enters the picture is when there is a death during the policy.
twelvepole
08-29-08, 06:22 PM
There is usually a course of study and a certification exam that you have to pass. Life insurance sales persons usually have to be licensed and certified. Savvy customers will ask to see these documents and call to confirm with the appropriate agencies. If you are asking the questions that you are in a public forum, then you are not prepared to enter the life insurance business.
http://www.bls.gov/oco/ocos118.htm
http://newdelhi.usembassy.gov/pr052307.html