5-Star policy rescinded after 5 months

[jdeasy]

Re: WTF 5-Star?

I spoke with her yesterday and she is quite helpful once you get her on the phone. I probably had to be on hold for 10 minutes before I could speak to someone.

Rearden, try reaching Michelle...here is her contact info.

Michelle L. Carney (DiFedele)
Business Insurance Administrator
5Star Life Insurance Company
866.465.0647 Opt 1
703.549.4455 Ext 2450
Fax: 703.549.3410
Email: [email protected]

 

[AIABROKER]

Re: WTF 5-Star?

So I just walked in the door to a letter from 5-Star, saying they have rescinded a policy I put into force 5 months ago, due to a "MIB follow-up coded report that conflicts with the answers you provided us."

No explanation specifically was given as to WHY the policy was rescinded.

I don't like this one bit.

I had the same thing happen with American Memorial, 3 months later. I thought the companies pull up the MIB during the PHI and it is what it is. How and why are they getting MIB reports months later?

 

[Newby]

Re: WTF 5-Star?

Waited 20 minutes on hold with Agent Services to no avail.

Will waste more of my valuable time later calling them.

I'm not writing anything with them until they fix this problem.

They have the phone systems down for company training. I'll get an answer on it but it will take a while.
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This happened to me with 5 Star just this week, and prompted my earlier thread, M.I.B. My app was four months old when 5 Star closed it out based upon MIB coded report. No more info could be provided to me. I met with my client yesterday and we went through each health question in detail. I believe he answered the questions honestly. Instead of putting up a fight, I just wrote him up with Am. Cont.

How do you get by writing 5-Star with phone sales anyway?

 

[jdeasy]

Re: WTF 5-Star?

They have the phone systems down for company training. I'll get an answer on it but it will take a while.
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How do you get by writing 5-Star with phone sales anyway?

I think you are confusing him with someone else.

As far as the "phone training" excuse, that's pretty lame. I've used them for over 4 years now and they must have been in "phone traing" the whole time.

They have always been a pain administratively but stuff in this thread goes far beyond administrative issues.

 

[mbiallas]

I think you are confusing him with someone else.

As far as the "phone training" excuse, that's pretty lame. I've used them for over 4 years now and they must have been in "phone traing" the whole time.

They have always been a pain administratively but stuff in this thread goes far beyond administrative issues.

I didn't realize that EFES had a relationship with 5 Star? Evidently its not new if you have been working with 5 Star for 4 years. Is that available to all offices and agents with EFES?

 

[jdeasy]

Re: WTF 5-Star?

I didn't realize that EFES had a relationship with 5 Star? Evidently its not new if you have been working with 5 Star for 4 years. Is that available to all offices and agents with EFES?

EFES does not have 5 Star. Actually I've had 5 Star for 5 years instead of 4. I had them beofre EFES.

I have tried to get EFES to pick up 5 Star but apparently 5 Star does not want that much business. They couldn't handle it even if they did.

I don't write much 5 Star because of the fact that they are not an EFES company. I only use them for people that I just can't place with an EFES company or they have been declined by one of my EFES companies.

I don't even write much 5 Star on my self generated business because I want to put everyone I can with EFES to help my PPL.

 

[Newby]

Re: WTF 5-Star?

I think you are confusing him with someone else.

As far as the "phone training" excuse, that's pretty lame. I've used them for over 4 years now and they must have been in "phone traing" the whole time.

They have always been a pain administratively but stuff in this thread goes far beyond administrative issues.

Yep. I did. I can't keep everybody's forum names and their real names straight.
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I just spoke with Davis about his case. It doesn't sound great. There was no other agent involved on that one and the client bought a new policy for him after the 5-Star was canceled.

I'll find out what is going on. Hopefully very temporary.

Monumental started doing this several years ago and it lasted about a month when every agent it happened to let them know they would never sell another policy with them with this type of underwriting. In Monumental's case they claimed they thought they were doing the agents a favor issuing policys and commissions faster and then checking things out after the fact. That is not a good way to do things.

I'll find out what is going on.

 

[Norwayguy]

Yep. I did. I can't keep everybody's forum names and their real names straight.
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I just spoke with Davis about his case. It doesn't sound great. There was no other agent involved on that one and the client bought a new policy for him after the 5-Star was canceled.

I'll find out what is going on. Hopefully very temporary.

Monumental started doing this several years ago and it lasted about a month when every agent it happened to let them know they would never sell another policy with them with this type of underwriting. In Monumental's case they claimed they thought they were doing the agents a favor issuing policys and commissions faster and then checking things out after the fact. That is not a good way to do things.

I'll find out what is going on.

I hope evryone called Monumental on the BS. No agent wants to sell a policy and cash a commission check only to have the policy recinded months later....Nothing to do with helping Monumental out to get policies on the books with no hook for them and take 2 years to find a reason to recind.

 

[Newby]

Re: WTF 5-Star?

More info turning up on this. It looks like they use a system to monitor the policies for 24-months with MIB. If something new gets added to MIB after the issue date but would affect the application questions on the date they applied, it will flag their system.

I don't know how common this is happening but I have learned of 3-cases today that it has occured (out of thousands of policies that it hasn't happened to.)

Still checking in to it.

 

[VolAgent]

Re: WTF 5-Star?

More info turning up on this. It looks like they use a system to monitor the policies for 24-months with MIB. If something new gets added to MIB after the issue date but would affect the application questions on the date they applied, it will flag their system.

I don't know how common this is happening but I have learned of 3-cases today that it has occured (out of thousands of policies that it hasn't happened to.)

Still checking in to it.

I would really have some questions about this. A MIB hit 6 months later does not mean the condition existed at time of issue. How are they rescinding later based on a change in health?