Evidence of Insurability (EOI)

Definition - What does Evidence of Insurability (EOI) mean?

Evidence of insurability (EOI) is part of the application process for a life or health insurance policy during which an applicant provides health information. Coverage does not become effective until approval of the EOI. It may include providing medical history and other relevant information that offers a clear picture of the applicant's physical condition and status.

Insuranceopedia explains Evidence of Insurability (EOI)

The information provided in an EOI affects whether the individual is approved for coverage, and it may also play a role in determining the premium rate. This is because a person's health is very important when it comes to life or health insurance. The healthier a person is, the less likely they are to die or require medical treatment. Therefore, healthier individuals normally cost insurers less money to cover. In this way, an EOI helps insurers protect themselves from adverse risks and disproportionate claims.

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