5-Star policy rescinded after 5 months

[VolAgent]

You are WORSE OFF if the policy that got rescinded was a replacement of a 2 plus year old policy. ...YIKES. that would suck if their son was a hotshot lawyer in the big city.

Your job is to ask the questions as written and record the answers given. You should also follow all state rules regarding replacement.

You are filling out your replacement forms that mention this exact situation, aren't you?

If so, the attorney your E&O carrier hires will destroy that hotshot attorney.

 

[Newby]

So pretty much this is a lose/lose for agents? They continue to review policies after issue AND they add a RX check.

I seem to recall you bragging about how 5 Star didn't do script checks when they first hit the forum.

I'm not sure if it's a brag. Just factual information. It has plusses and minuses. You don't get the false hits on RX that seem to plague some companies. But without an RX check, they do get some agents taking advantage of that. They just need to move toward doing an RX check and that's the way they are headed.

 

[Biggin]

Your job is to ask the questions as written and record the answers given. You should also follow all state rules regarding replacement.

You are filling out your replacement forms that mention this exact situation, aren't you?

If so, the attorney your E&O carrier hires will destroy that hotshot attorney.

Okay, maybe you won't get in any hot water but can we agree that it would be worse for the client?

 

[VolAgent]

Okay, maybe you won't get in any hot water but can we agree that it would be worse for the client?

Yes, but it is the client's own fault for lying to you. I completely agree that the person is now in a worse position. Unfortunately, it is because they were less than honest at application time. The MIB hit is for a real condition they have and failed to disclose.

Despite what school taught is, in the real world there are consequences for our bad acts.

 

[WinoBlues]

5-Star Life has decided to continue monitoring the MIB reports during the contestibility period but is going to do more evaluation when a case comes to their attention.

They are looking at their whole underwriting process. For now their recission of these policies is being placed on hold until they review their entire workflow processes.

They will let us know when and if they resume the recission process in the future.

They are moving toward an RX check which should reduce the need for restarting recissions in the future.

Thumbs correcting SAI error. Now all is right with the world and puppys.

 

[HoosierLife]

So is AmCon now going to be the only carrier that doesn't do a script check?

 

[jdeasy]

So is AmCon now going to be the only carrier that doesn't do a script check?

There's still LH. 5 Star has enough issues already. I hate to see them add anything.

 

[MGA]

LH does do script checks

 

[HoosierLife]

There's still LH. 5 Star has enough issues already. I hate to see them add anything.

Well I was starting to love 5-star and was sending them a majority of my biz. With RNA gone, what's your top 3 now JD?

 

[jdeasy]

Well I was starting to love 5-star and was sending them a majority of my biz. With RNA gone, what's your top 3 now JD?

I still look at RNA first. Then Americo and AmCon. Since 5 Star is not an EFES company I don't look at them until I've ruled out the others. However, that's happened a bunch lately. Mostly because of DE.