GWI has compiled a listing of questions that we typically receive when working with a broker or TPA for the first time. We trust that you will find these questions helpful and informative. However, should you have additional questions, please refer to the "Contact Us" section and send your question(s) to us and we will be glad to respond as quickly as possible.
Medical Stop Loss FAQs
Do you laser? If so, do you laser at renewal? Do you provide a no-laser option?
We do laser both on a new sale and at renewal. Our philosophy is that premium is for unknown risks; we laser in order to keep current and future premiums as low as possible. We will provide a no-laser option on request – however most if not all of the lasered amount is built back into the premium under this option.
What are your disclosure requirements?
We require a completed and signed disclosure form, aggregate claims through the effective date, a report showing anyone who has reached 50% of the specific limit in the current year including their diagnosis and prognosis, anyone who has $10,000 or more in pended claims, anyone who has been pre-certified for a 10 or more day hospital stay, anyone who has requested a transplant or who is on a transplant list, and anyone not expected to be at work on the effective date due to disability.
What are your sold case procedures? How many days ahead of the effective date will you bind coverage?
After disclosure is completed and reviewed, the underwriter sends out a binder letter. This informs the producer and client that underwriting has been completed (except for any contingencies noted on the binder – usually a request for the 12 month of current year's claims), and that coverage has been accepted. We can do this up to 30 days prior to the effective date. Approximately 2 weeks after the binder is issued, we send out a completed application and policy for review and signature, along with a claim administration kit.
What is required to submit an RFP?
See our underwriting guidelines.
What is your turn-around time for new quotes?
We generally require 8 business days from the day we receive complete information. If the information is not complete, we will pend the quote until we receive the missing data. The quote is then assigned to an underwriter and the 8 days cycle begins. From time to time we are able to quote with less than 8 days by special request.
