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Life Insurance Companies Has Access to Medical Records - How Does It Work?
Medical records are private documents kept by health care providers, including hospitals and physicians, regarding a person's medical history. These documents include, among others, past medical histories, medications taken and allergies, surgeries performed and other conditions the person may be prone to or have been exposed to over the course of his or her life. They are kept confidential and are only accessible by the person named on the document, family members, close friends and licensed insurance agents. As you can imagine, the sharing of this kind of personal information can be a highly confidential one. In some instances, that sharing has even been restricted to insurance companies, doctors and hospitals and certain limited parties involved in the person's life.
When a person is covered by a life insurance policy, he or she is protected from losing that coverage unless death is actually instantaneous. The insurer needs to know that this person takes all possible precautions to avoid accidental deaths. car insurance quotes in guymon ok can mean not smoking for instance, or not having any pre-existing medical conditions that would create an insurer need to be made aware of. In cases where this information is readily available to all insurers, the cost of a policy becomes significantly higher.
So why do life insurance companies have access to medical records? This is actually not as uncommon as you may think. For example, if you apply for and are granted a mortgage, the lender is able to review your credit report and determine how responsible a risk you might be. In the case of insurance policies, most insurers will examine the medical history of the applicant before deeming them eligible for coverage. In fact, many lenders and insurance companies use your medical history when underwriting policies.
If you're wondering how all this works, here's the explanation. When people apply for life insurance policies, the insurers want to know their financial stability. If they find that you've experienced a history of bankruptcy, serious medical problems, or other similar situations, they will most likely decline your application. On the other hand, if they discover that you are financially stable and responsible, they are more likely to approve your application.
As stated above, medical records are extremely valuable to insurers. To this end, most life insurance companies request that you submit copies of your medical records upon application. Typically, you will be asked to submit your records in person, or via mail. If you choose to send your records electronically, be sure to keep a copy of it for your records.
As I mentioned above, most life insurance companies require you to submit your medical records upon request. Keep in mind however, that you don't always have to submit these records face on face. If the application requires you to fax or mail it in, you will need to keep track of what the insurer's request includes. In addition, some insurers may insist that you fax or mail them certain documents such as verification of insurance claims and letters from your physician.
Be aware that not all medical records are covered by your insurance provider. Many of these records are considered private information, which means that insurers are prohibited from disseminating this information except to authorized customers. Some of these records, such as criminal records and credit reports, are considered public information, which means that anyone can access them. In insurance cost , some state laws prohibit the disclosure of sensitive medical records.
To obtain this information, you can either hire a licensed individual to perform the search for you, or you can pay a small fee. In most cases, the latter is preferable because you will only pay for the information that you need. Additionally, in some states and federal law, some hospitals and other health care related facilities may even charge for the right to review and distribute medical records. Therefore, paying for the service of an individual will often be less costly than hiring a company to do the search for you. However, if you feel uncomfortable with requesting this information on your own, you can always hire a professional to do the search for you.
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