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What Did This Broker Draw???

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What Did This Broker Draw???

Postby NewIyn » Wed Mar 05, 2014 11:48 am

About 6 months before I was on the Med Supp visit and the customer wanted me to check out their Existence guidelines simply because they have now been not able to contact the initial agent.
The man, partner, and adult child each had a $200,000 30 year renewable period with a-10 year price guarantee. I cited their premium shown on the timetable page of every plan and advised them there could possibly be considered a premium modification on their 10th wedding that was just 2 weeks away.
After I browse the spouseis advanced in the plan plan site, it showed $166 monthly. They stated they've been spending $225 for him all along. They actually returned and examined their bank statements from nearly ten years before. The wife and boyis quality agree completely using what they've been paying.
I directed him to contact the organization for a solution. 24 hours later, the insurance provider told him they'd no history of this plan amount by having an effective date of 01/01/2002. They do have a policy for him and anything arranged with the policy he's in his house except the effective time was 02/07/2002 and the policy amount was unique. Both wife and boy have a policy that fits the insurance provider's documents completely with 01/01/2002 successful dates, rates, policy numbers, etc.
While this customer called to inform me this I advised him to obtain a duplicate coverage. I also asked him if he understood the broker. He explained they just met him the main one moment when they requested their guidelines on 11/10/2001 and the plan was shipped directly in the organization.
I examined steps taken against brokers from the Insurance Section. Their unique broker was charged with 26 counts of distributing deceptive existence programs during 2005 and 2006. In each situation it claims, "Candidate didn't use for life insurance, didn't sign a credit card applicatoin for life insurance, and didn't preauthorize quality cost by automated bank draft. Participant didn't provide the plan to applicant.". He was fined $3500 and had his permit suspended.
Therefore, what do you consider happened here? I suppose this dishonest broker submitted a second unauthorized software following the genuine policy was issued, had the second policy shipped to him, and never provided it. Nevertheless, if this is the situation, he never profited much by his misdeed since the insured has never paid the $166, just the $255.
He only called me again today to let me know he still hasn't obtained the identical plan he required 6 months before. I advised him to create a minute request.
While he does obtain the identical plan, what do you consider he should search for? What genuine problems might have caused this difference? What option do you consider they may have under various conditions?
Cheers................
NewIyn
 
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What Did This Agent Pull???

Postby Victorino » Tue Mar 11, 2014 1:27 am

Long-shot guess is the initial software came ultimately back diverse from used for, the broker resubmitted (signing for the covered) and got the plan released, but somewhat delayed and in a greater premium.
I doubt the broker was trying to obtain identical policy count, simply trying to maintain a policy he believed he'd in love with the books (nearly as bad, but somehow distinct). Seems like he might have forgotten to inform the customer though.
Unsure why it'd have another plan amount. That component does not seem sensible to me.
Today, the issue is, why were they attempting to contact the initial broker? Another thing is up here as well.
John
Victorino
 
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What Did This Agent Pull???

Postby Barklay » Wed Mar 12, 2014 4:52 pm

Originally Posted by Slade



"Various than used for" doesn't explain why he's a plan in his possession authorized and issued with a lower premium and earlier efficient date.

Great point, I skipped the declaration which you got this in the plan, no example. Obviously, it was not an authorized and released plan, because the provider had no report of it. Unsure how it had been generated.
Obviously, this provides you more space to work well with today to displace the policies.
John
Barklay
 
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What Did This Agent Pull???

Postby Darcey » Fri Mar 14, 2014 9:36 am

Originally Posted by djs



Long-shot guess is that the original software came back different than used for, the agent resubmitted (signing for the insured) and got the plan issued, but somewhat delayed and at a greater premium.
I doubt the broker was trying to obtain identical policy count, simply trying to maintain a policy he believed he'd in love with the books (nearly as bad, but somehow distinct). Seems like he might have forgotten to inform the customer though.
Unsure why it'd have another plan amount. That component does not seem sensible to me.
Today, the issue is, why were they attempting to contact the initial broker? Another thing is up here as well.

They attempted to get hold of the initial broker to alter title of the guidelines towards the covered in the place of one another.
"diverse from requested" doesn't reveal why he's an insurance policy in his ownership authorized and released with a diminished quality and earlier efficient date.
Darcey
 
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What Did This Agent Pull???

Postby Beag » Fri Mar 14, 2014 7:46 pm

if the agent had 26 counts of fraud against him...just makes you wonder what happened to all of the other people that got screwed over by that guy.
at least you have the opportunity to help this family now and build a good relationship between agent and client.
Beag
 
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What Did This Agent Pull???

Postby Sucki » Fri Apr 04, 2014 3:39 am

Originally Posted by djs



Long-shot guess is that the original software came back different than used for, the agent resubmitted (signing for the insured) and got the plan issued, but somewhat delayed and at a greater premium.
I doubt the broker was trying to obtain identical policy count, simply trying to maintain a policy he believed he'd in love with the books (nearly as bad, but somehow distinct). Seems like he might have forgotten to inform the customer though.
Unsure why it'd have another plan amount. That component does not seem sensible to me.
Today, the issue is, why were they attempting to contact the initial broker? Another thing is up here as well.
John

I acknowledge this really is probably, only a SLUGGISH broker attempting to repair an insurance policy he sensed he offered currently, with no difficulty of telling the customer.
The thing is his laziness and anxiety about losing all 3 guidelines, offered him about the concept of being questionable using the specifics. This kind of issue is dangerous when you begin, since it becomes who you're as confirmed by this plan from 2001 and this man pullingthe same garbage in 2005/2006.
This kind of garbage causes it to be harder for sensible brokers to function, I do not wish to contact the a criminal but questionable business practices undoubtedly do not make the general public feel well about some of us.
Ideally, the customer that was over financing his plan was simply credit to be forward and did not shed any actual money.
Sucki
 
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What Did This Agent Pull???

Postby Niles » Mon Apr 28, 2014 10:09 am

Like Dan, only a guess. He might have low-required the very first one for whatever reason (quick-start competition perhaps) and had a brand new one released utilizing the still clean underwriting. The quality might be era, item, driver and-or encounter change.
Have him also request copies of the shipping requirements.
Niles
 
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Joined: Tue Feb 04, 2014 6:28 am

What Did This Agent Pull???

Postby Chunta » Mon Jun 09, 2014 3:45 pm

Originally Published by JGold814<br />
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When the broker had 26 matters of scam against him...simply enables you to wonder what occurred to all the others that got screwed around by that man. Atleast you've the chance to assist this household today and develop a great connection between broker and client.<br />
<br />
Does not seem like this occurred in this instance but in the 80s KC Existence had a high creating GA situated in Chattanooga, Tennessee that experienced phoney KCL "agreements" published which he "released" to customers. He was adding the assessments due to KCL in their own banking account. While people approached the HO, the organization had never heard about them. This is a connect to the court situation documents.FindACase? | 05/05/89 KANSAS CITY LIFE INSURANCE COMPANY v. BANK
Chunta
 
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Joined: Fri Mar 14, 2014 10:08 pm


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