What Is Rx (Prescription History Check (Rx))?

Why it matters

Carriers use it in simplified and accelerated programs in place of a medical exam. The report can show medicines tied to heart disease, diabetes, or mental health. The use of consumer reports is governed by federal rules like the Fair Credit Reporting Act, and the applicant has rights to see and dispute data. List all medicines on the application.

Source: law.cornell.edu

Where we use this term

Guaranteed issue vs simplified issue: which fits your health and age?

Related terms

Underwriting: Underwriting is the process a carrier uses to review an application, judge the risk, and decide whether to offer coverage and at what price. It looks at health, age, habits, and history.
Accelerated Underwriting: Accelerated underwriting is a fast approval process that uses data, such as prescription records, MIB reports, and motor vehicle records, to decide on coverage, often without a medical exam for qualifying applicants.
Health Questions (Knock-Out Questions): Health questions are the application questions a carrier asks about medical history. Knock-out questions are the ones where a yes answer makes the applicant ineligible for that plan.
MIB (Medical Information Bureau) (MIB): MIB is a membership organization that holds coded information from past life, health, and disability insurance applications. Member carriers check it to verify what an applicant has told them.
Simplified Issue Life Insurance: Simplified issue life insurance is coverage approved using a short health questionnaire and database checks, with no medical exam. A few health answers can lead to a decline, so approval is not guaranteed.

All 241 terms

Prescription History Check (Rx) (Rx)

Why it matters

Where we use this term

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