Definition of "Evidence of Insurability"

Proof that you are insurable, this is often required by lenders to guarantee commercial loans. Such evidence is generally obtained by applying to an insurance company but rather than actually issuing the policy they just confirm insurability which is guaranteed for a short period of time.

Proof to the company that the insured's life and/or health meets the company's requirements of a reasonable risk and/or class rating. The proof may range from a questionnaire on the application to a complete medical examination. The size of the policy and age of the insured are primary factors in determining which form of proof will be required. Also see underwriting.