Investopedia

Continue to Site »

Unsolicited Application

Filed Under » , ,
Dictionary Says

Definition of 'Unsolicited Application'

1. In insurance, this is a request for life insurance coverage that is made by an individual rather than an insurance agent or broker. Insurers generally scrutinize these applications because of the likelihood of self-selection. Self-selection refers to the probability that individuals with poorer risks will seek insurance on their own instead of through an insurance professional.

2. In a more general sense, this is a form that is filled out or a letter submitted by a job applicant for a position that is not vacant or advertised at the time of submission. Many employers will accept unsolicited applications that go into a general pool of candidates for future reference. An unsolicited application letter is similar to a resume, and typically includes information such as the job seeker's contact information, why he or she would be a good fit for the company, a description of relevant skills and degrees, and the manner(s) in which the individual would be an asset to the organization.
Investopedia Says

Investopedia explains 'Unsolicited Application'

1. A person with a suspected or known health problem, such as heart disease, may try to purchase life insurance before seeking medical treatment for the condition. These applicants could weigh the insured pool towards bad risks, and as such, the insurers try to screen out self-selection applicants either by requiring higher rates or by denying coverage altogether.

2. Often, the job seeker will be asked to send in a resume and cover letter in addition to the company's unsolicited application form. In other instances, the employer does not have a specific form to be filled out, and it is up to the job seeker to draft an appropriate letter indicating the intent to notify the employer of his or her interest in a certain job or type of job within the company.

Articles Of Interest

  1.

    Permanent Life Policies: Whole Vs. Universal

    If you're looking for life-long security, choosing between these two is the key.

  2. Variable Vs. Variable Universal Life Insurance

    Do you know why you might need one policy versus the other? Read on to find out.

  3. Long-Term Care Insurance: You Have Options

    The latest offerings provide more coverage and the ability to pick and choose what types of coverage you'll need.

  4. Life Insurance: Putting A Price On Peace Of Mind

    Would your death leave loved ones financially stranded? Find out how to ease your mind and keep them protected.

  5. Critical Illness Insurance: Get Paid If You Get Sick

    This coverage will allow you to focus your attention on getting well, rather than getting by.

  6. Top 5 Budgeting Questions Answered

    You don't need a degree to understand your money, begin saving and pay down debt.

  7. Tax Variations Of The HEART Act

    The HEART Act is designed to allow service members and reservists make a smooth financial transition into active duty and back into civilian life.

  8. 8 Qualities That Make A Good Insurance Agent

    Insurance agents must possess each of the following qualities in order to be successful.

  9. Can my insurance company refuse me coverage?

    Insurance isn't always as straightforward as other products. Insurers can deny coverage in many different instances:Non-Renewal An insurance company is not obligated to renew an insurance policy ...

  10. How old should you be to get life insurance?

    There's really no pre-determined age when it suddenly becomes necessary to take out a life insurance policy. However, if there are people who depend on your income - especially children or a ...
comments powered by Disqus
Marketplace
Hot Definitions

  1. Validation Period

    The amount of time necessary for the premium on an insurance policy to cover the commissions, the cost of investigation, medical exams and other expenses associated with the issuance of the policy.

  2. Winner's Curse

    Because of incomplete information, emotions or any other number of factors regarding the item being auctioned, bidders can have a difficult time determining the item's intrinsic value. As a result, the largest overestimation of an item's value ends up winning the auction.

  3. Glocalization

    A combination of the words "globalization" and "localization" used to describe a product or service that is developed and distributed globally, but is also fashioned to accommodate the user or consumer in a local market.

  4. Disaster Loss

    A special type of tax-deductible loss, similar to a casualty loss, where a loss has been incurred by taxpayers who reside in an area that has been designated as a federal disaster area by the President.

  5. Fool In The Shower

    The notion that changes or policies designed to alter the course of the economy should be done slowly, rather than all at once.

  6. Pattern Day Trader

    An SEC designation for traders who trade the same security four or more times per day (buys and sells) over a five-day period, and for whom same-day trades make up at least 6% of their activity for that period.
Trading Center