- 7,012
Re: WTF 5-Star?
Yeah, this company is horrible. Just go write someone else!
Yeah, this company is horrible. Just go write someone else!
5-Star policy rescinded after 5 months
- Thread starter Rearden
- Start date
- 2,758
Are there any updates on this?
- 3,764
I second that question. Did 5star ever rectify this situation?
5 Star is still looking at what direction they will take moving forward. My understanding is that for the time being they will not be rescinding any further policies until they can take a deeper look at this and decide their best path.
There is more to the story on how a rescission would occur. I don't however find it appropriate to air all of that out on an open forum. My recommendation is that if you're contracted with 5 Star and you have a concern over this or any other issue for that matter get with your IMO and get your questions answered. If your IMO can not explain it, have them call 5 Star and get the info directly from them.
- 17,077
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.
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.
- 15,041
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.
- 26,170
Sounds like it.
Maybe leave them a message on the non answered phone to get back to use when they get their stuff together.
Next.
- 15,041
At the end of the day, the random rescission was better for agents than an unforgiving script check, ala RNA. RNA finally backed down on Lasix. A lot of supposedly CHF meds get used for hypertension too.
You get a lot more policies on the books and yes you will have the infrequent rescission where something shows up on the MIB later or they really did have CHF when they told you it was just high blood pressure. But you would have netted out more policies for the agent and 5 Star.
Now, you are worse off. You have to deal with a script check and still hope it isn't rescinded a year later.
You get a lot more policies on the books and yes you will have the infrequent rescission where something shows up on the MIB later or they really did have CHF when they told you it was just high blood pressure. But you would have netted out more policies for the agent and 5 Star.
Now, you are worse off. You have to deal with a script check and still hope it isn't rescinded a year later.
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.
- 11,280
That would be my biggest concern...
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