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 WHAT IS AN INSPECTION REPORT?

   An inspection report consists of confidential background information on an individual applying for life insurance. The majority of inspections are completed via telephone. Multi-million dollar cases may require the client to be seen in person. This is determined by the insurance company, and varies from company to company. The average length of an inspection report is 10 minutes. This can vary depending upon the applicant's history. Information that will be covered includes, but is not limited to, health, business, personal and financial information. The health profile includes hospitalizations, surgeries, medications, height, weight, and personal physician. In gathering this information it will assist the underwriter in determining if the applicant is insurable.

   The business profile includes details such as the nature of the applicant's business, the amount of employees, number of locations, where they do business, and if any air travel is involved. Because the applicant spends the majority of his day working, giving the underwriter background information on the business helps to determine if the applicant is in a hazardous environment, working around hazardous materials, and if the applicant is traveling to foreign countries. The personal profile will include if the applicant is involved in any hazardous sports, past or present tobacco use, drinking habits, past or present drug use, and driving record. This will help determine if the client is a high risk individual to insure.

   The financial profile will include the applicant's annual salary, bonus, and investment income. It will also include (assets/liabilities) net worth information. This is to help justify the amount of insurance the applicant is applying for. In most cases life insurance is used for income replacement purposes, and to cover estate taxes. This information will help to show the financial stability of an individual, and to show the need for the coverage. This information is strictly confidential. The inspection report can only be released to the underwriting department at the home office of the insurance carrier. This information is not sold, traded, or put in a computer for anyone to access. Due to the Fair Credit Reporting Act personal information such as this can not be released to anyone but the insurance carrier. This is a policy we strictly enforce.

   TAM Inspection Services is an outside information reporting company. We do not work for the insurance agent, brokers, or agencies. We are hired by the insurance company to complete an unbiased report to collaborate information obtained on the application. We are not given a copy of the application at any time. Although the applicant has given some of the information on the application and it seems redundant, we are required by the underwriting requirements to complete these reports with the applicant, or a family member. We are not allowed to take any information from the agent. This would be a conflict of interest. Please understand that the insurance companies must have impartial and accurate information about their applicants to make informed underwriting decisions.

Sincerely,

Theresa A. Mulloy, President

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