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IntroductionWhenever we decide the insurance policy is feasible we have to considerabout its for and against sides and any particular types of restrictionhave to be imposed to ensure the operation of insurance industry In thefollowing I am going to talk about the advantages and disadvantages ofgenetic underwriting and measures taken to restrict the insurance policyForGene could be used as supplementary data to help evaluation This may notthe best method but sometimes gene is the only one available to estimate aprice for example when insuring persons in new occupations which did notexist in the past persons in unusual occupations or first- born babies forwhich statistical histories are not meaningful Gene could also be anothergood reference in addition to mortality rate It helps to determine deathrate or probability of alive at particular ages as mortality rates varyover time The mortality rate would not be very accurate as there is alwaysfrequent fluctuation during the years or a decadeSecondly life insurance industry has a good record of handling the privateinformation according to the Privacy Commission and IFSA has received nocomplaints from the Australian Human Rights Commission over the years Inthe last few years IFSA has collected information from companies on howinsurance applications are assessed when a genetic test result is suppliedThe analysis is based on data provided to IFSA in 2007 showed that genetictest did not really affect the decision A conservative estimate is thatthe industry provides cover for more than 6000000 AustraliansApproximately 400 applications are received where the applicant hasundertaken a genetic test 20 of which are declined cover but only 2 ofthose that have undertaken a genetic test were declined on the basis of thegenetics test alone 18 therefore were declined on the basis of othermedical or lifestyle factors With only 8 applicants declined cover thisrepresents approximately 000013 of the total number of people covered bythe life insurance industry Three major insurers report no complaintsrelating to applications with genetic testingThirdly it permits economic incentives to operate and
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