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January 5, 2020 By Rick Rolfs

The Application of the Application for Insurance Coverage

The application for insurance is a transfer of information from a prospective insured to an insurance carrier. The representations made by the person seeking insurance are considered by the insurer in determining whether or not an offer of coverage will be extended and if it is, what premium will be assessed. The information contained on the application document forms the basis of the policy/contract which comes into play at the time of a loss. Essentially, the application paints the picture of a risk which is reviewed by an insurance company which offers coverage and charges premium for the exposure revealed in the document.

An application is divided into several sections.

General information is requested such as the name of the insured as well as mailing and physical address of the risk along with contact information including phone number, email address and alternative contact numbers. The real meat and potatoes of the underwriting begins with the description of the risk wherein it is classified in terms of acceptability to an insurer. Typically, the next section of questions deals with the rating basis wherein the level of exposure for the risk is determined. For instance, service businesses are typically rated based on payroll whereas manufacturing or distribution businesses are typically rated based on gross annual revenues.

The role of the agent is to assist the applicant in completing the application.

Often times the agent will ask the questions of the prospective insured and fill in the answers based on the responses. Applications for certain lines of insurance, such as professional liability, are commonly completed by the applicant themselves as the questions are nuanced and germane to that individual’s specific field of expertise. The bottom line is that the person signing the application bears the responsibility of reading the document thoroughly and making sure that all of the information disclosed is accurate. At Rolfs Insurance Services we try to make this process as fluid as possible. Reviewing the questions and discussing their significance with our clients allows for the development of a relationship and understanding which creates the foundation for a trusting relationship.

Filed Under: Newsletter articles

About Rick Rolfs

I am the eldest of 3 sons. As a native South Floridian, having grown up in North Miami Beach and attended Chaminade high school in Hollywood, I am a product of the community as a whole. Being a licensed insurance agent for more than 25 years has allowed me to participate and be a part of our region’s growth and development. Rolfs Insurance Services began functioning as a standalone independent insurance agency In January 2014. Since then, we have grown not only in client base but also in markets and staff. Twenty five years of experience has formed an ideology where a client’s best interest is at the heart. Nurtured with a culture of caring, we believe that our service helps people to be successful in day to day life, as well as in achieving bigger long term goals by providing the strength of knowledge with integrity for protection to provide peace of mind. By giving back in this way, our mission is to help others at their time of need.

Call Rolfs Insurance Services to get an informed choice that provides peace of mind,
and the knowledge that you have proper financial protection in place — 954-251-3312

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10011 Pines Blvd
Suite #201
Pembroke Pines, Florida 33024
954-251-3312 office
954-241-6772 fax

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