Insurability statement | Do you know when it’s required?

An insurability statement may be required when a contract is delivered, even if the insurance application has been approved by Underwriting.

Here are the most common scenarios where an insurability statement is required:
	No payment information was provided in the insurance application (cash on delivery contract).
	The file has insurability statements that precede the signature date on the application.
	The application is not approved as submitted.
	The file is reopened after Underwriting has closed it because of missing documents (within 6 months of signing the application).

An insurability statement may be required for both new applications and major changes. You’ll be notified through the Pending Business tool (PB tool).

Re-dating a contract to avoid having payments close together

If the contract is not delivered in the same month as its issue date and it is not in force, you can request to change the initial date (re-date). That way, your client won’t be making two payments close together or paying for one month of coverage they didn’t get.

See the Changing the initial date (re-dating) section on the New business – Procedures page to learn more about re-dating.