What is the difference between a quote and an application?
A quote is strictly a “base” premium based on the data (date of birth, city, etc.) given. Final rates are based on full medical underwriting, including an application. After the carrier receives the application, medical underwriting can include a phone interview, a urine specimen, a physical exam or some combination thereof. The majority of the underwriting lies in the application and phone interview. The carrier can also request full medical records from your provider. Based on all of this information, a final medical decision will be made — i.e., approved as-is, approved at a higher rate, approved with a rider or declined.
