Underwriting - updates to manuals and insurance scores on HO quotes
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MAX Report
December 21, 2016


Insurance Scores on HO Quotes

Please note that MAX has begun ordering insurance scores on all Homeowner’s quotes.  You may see the information captured in the Underwriting Notes Section of an HO Quote.  Although we are starting to gather this data, it is important to know that we are not using this information in anyway other than our own analysis.  The score will not affect the member’s eligibility, premium or claims settlements; we are simply gathering data.  Some may be concerned that this will impact their credit score.  Insurance Scoring does not typically affect credit scores or lending decisions. 

The new message in the Stingray System when quoting a HO policy shows:

“MAX currently does not use a credit-based insurance score for the purpose of underwriting insurance applications, product selection or rating policies.  However, we do order scores at this time from third parties for analytical purposes and may in the future use the scores for those other purposes.
 
Please make sure that your customer is aware that we may order and use a credit-based insurance score from a third party in conjunction with their application for a MAX policy and any renewal thereof, in addition to their loss history and other underwriting reports that may be subject to the Fair Credit Reporting Act.
 
By selecting “Yes” below, you confirm that you have made your customer aware of this information and obtained their consent.”
 
If you or your customers have any questions about this change please call our MAX Agent Phone Line at 844-629-2468.


Updates to Underwriting Manuals

Our underwriting manuals are being updated to reflect the following items:

  • We have added information on what can be expected from MAX when premium payment attempts are returned as Insufficient Funds (NSF)
  • We have added an informative section for states with mine subsidence exposures and the locations that the state deems the coverage to be a mandatory or optional offering.
  • We will be adding a new stop within all of our programs that compares the purchase price (if purchased within the last three years) to the full replacement cost of the home.  If the replacement cost of the home is 300% or more of the purchase price, the stop will occur.  A reminder will pop up within the system after the Underwriting tab which asks the agent for any supporting details to supplement the reason for the low purchase price for consideration.   We appreciate all supporting details when requesting insurance on a risk that falls outside the normal acceptability standards.


Thank you for your business in 2016 and have a wonderful holiday!

Sincerely,

Chris VardimanChris Vardiman
Underwriting Manager
MAX (MutualAid eXchange)
4400 College Boulevard, Suite 250
Overland Park, KS 66211
844-629-2468, ext. 126
913-754-3824 direct
www.maxinsurance.com 

New MAX Agent Phone Line!  844-MAX-AGNT (844-629-2468)
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