- 26,171
5-Star policy rescinded after 5 months
- Thread starter Rearden
- Start date
- 17,077
OK. We have been in contact with 5-Star management. They have had a system that flagged rare cases after issue. It's an MIB added feature for the company. We explained how bad this is from the agent and client perspective.
Can't give a final answer yet but it looks like this process will be stopped. And hopefully with Reardon's case intact.
I never heard of it until today but I've uncovered 3-cases of it now. That's not many out of thousands and thousands
Hopefully will confirm next week that this is all over.
Can't give a final answer yet but it looks like this process will be stopped. And hopefully with Reardon's case intact.
I never heard of it until today but I've uncovered 3-cases of it now. That's not many out of thousands and thousands
Hopefully will confirm next week that this is all over.
- 15,041
Re: WTF 5-Star?
All the more reason not to do it. It isn't catching much and giving them a heck of a black eye.
It is simplified issue. For better or for worse, you are going to eat a few claims. That is why it is table rated to start with.
All the more reason not to do it. It isn't catching much and giving them a heck of a black eye.
It is simplified issue. For better or for worse, you are going to eat a few claims. That is why it is table rated to start with.
They use something called Plan F though the MIB. Below is a link that sheds a little light on what it is.
https://www.annualmedicalreport.com/f-stands-for-follow-up-mib-plan-f/
https://www.annualmedicalreport.com/f-stands-for-follow-up-mib-plan-f/
- 3,764
Re: WTF 5-Star?
I thought Insurance companies reported to mib at time of application, and they notified the mib within days. I find it hard to believe an insurance company wouldn't notify the mib of their findings for 6 months
I thought Insurance companies reported to mib at time of application, and they notified the mib within days. I find it hard to believe an insurance company wouldn't notify the mib of their findings for 6 months
- Thread starter
- #56
- 5,309
Re: WTF 5-Star?
They do conduct underwriting, as I have submitted policies for preferred that have come back declined or graded.
They do conduct underwriting, as I have submitted policies for preferred that have come back declined or graded.
- 17,077
Re: WTF 5-Star?
It's at the time of the app and then for 24-months the changes can flag a case. The MIB has an ongoing feature for the insurance companies.
It's at the time of the app and then for 24-months the changes can flag a case. The MIB has an ongoing feature for the insurance companies.
Re: WTF 5-Star?
Does the "new" MIB hit have to reflect something that existed at the time of the application or are companies trying to rescind policies based on health change during the first two years after issue? If the latter, I foresee some attorneys getting very rich.
Does the "new" MIB hit have to reflect something that existed at the time of the application or are companies trying to rescind policies based on health change during the first two years after issue? If the latter, I foresee some attorneys getting very rich.
- 3,764
Re: WTF 5-Star?
There should not be another mib hit, unless the client is applying for more insurance...to the best of my knowledge, the only way your mib gets hit is by the insurance companies you apply to. Perhaps I'm wrong
There should not be another mib hit, unless the client is applying for more insurance...to the best of my knowledge, the only way your mib gets hit is by the insurance companies you apply to. Perhaps I'm wrong
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