AIG Book of Business and ADB? Help!

[YvetteGZ]

This might be a legal/advanced question but we really can't seem to get answers anywhere. I have a friend who's interested in selling insurance and he wants to take ownership of his father's book of business who's been an AIG agent for 20 years.

Problem #1: father had a stroke and can't remember anything about his job, let alone names of his clients

Problem #2: son tried contacting AIG to figure out how he can take over his father's business, but it seems like they don't allow you to sell your book of business? they won't give son any information unless father comes in office

Problem #3: family needs funds for medical expenses and wants to accelerate the DB but
a) they have no idea what type of policy father has with AIG because again, his office is being secretive about everything
b) they're afraid if they file a claim, AIG will deem him unfit to be an agent and give his clients to another broker.

What do we do in a situation like this? please help, my friend's family is at wit's ends, drowning in debt and extremely frustrated at this point

 

[billyb]

Was he a captive American General Life and Accident agent or a 1099 agent who sold policies with AIG? They can call and have him give them permission to talk to someone else by phone. The rep will have to speak with him to get approval.

 

[YvetteGZ]

Was he a captive American General Life and Accident agent or a 1099 agent who sold policies with AIG? They can call and have him give them permission to talk to someone else by phone. The rep will have to speak with him to get approval.

I believe he was a captive agent. Father doesn't even remember his agent code...

 

[billyb]

If he was captive the company owns the book. He may have had a 401K or a pension. AGLA was at one time a debit company. Did he collect premiums when he first started?

 

[billyb]

What state does this person live in?

 

[Life Hawk]

This might be a legal/advanced question but we really can't seem to get answers anywhere. I have a friend who's interested in selling insurance and he wants to take ownership of his father's book of business who's been an AIG agent for 20 years.

Problem #1: father had a stroke and can't remember anything about his job, let alone names of his clients

Problem #2: son tried contacting AIG to figure out how he can take over his father's business, but it seems like they don't allow you to sell your book of business? they won't give son any information unless father comes in office

Problem #3: family needs funds for medical expenses and wants to accelerate the DB but
a) they have no idea what type of policy father has with AIG because again, his office is being secretive about everything
b) they're afraid if they file a claim, AIG will deem him unfit to be an agent and give his clients to another broker.

What do we do in a situation like this? please help, my friend's family is at wit's ends, drowning in debt and extremely frustrated at this point

Just a thought, I would call AIG and request to speak to someone in management, preferably a VP. I would also suggest the son obtain a POA over his father so that he could speak on his behalf.

This is a case of digging deeper and harder and not giving up on the first few no's.

 

[YvetteGZ]

If he was captive the company owns the book. He may have had a 401K or a pension. AGLA was at one time a debit company. Did he collect premiums when he first started?

Ok so AIG doesn't give you your BOB then..

What state does this person live in?

D.C/Maryland

Just a thought, I would call AIG and request to speak to someone in management, preferably a VP. I would also suggest the son obtain a POA over his father so that he could speak on his behalf.

This is a case of digging deeper and harder and not giving up on the first few no's.

I'm looking up AIG VPs on LinkedIn now to see if they can at least instruct us on what to do without looking up the agent because again we'd like to get access to his clients. Thanks for the suggestion

 

[Life Hawk]

I have AIG and with my agent number I can log into my account and look at my full book of business.

Does he have access to this information?

 

[WinoBlues]

This might be a legal/advanced question but we really can't seem to get answers anywhere. I have a friend who's interested in selling insurance and he wants to take ownership of his father's book of business who's been an AIG agent for 20 years.

Problem #1: father had a stroke and can't remember anything about his job, let alone names of his clients

Problem #2: son tried contacting AIG to figure out how he can take over his father's business, but it seems like they don't allow you to sell your book of business? they won't give son any information unless father comes in office

Problem #3: family needs funds for medical expenses and wants to accelerate the DB but
a) they have no idea what type of policy father has with AIG because again, his office is being secretive about everything
b) they're afraid if they file a claim, AIG will deem him unfit to be an agent and give his clients to another broker.

What do we do in a situation like this? please help, my friend's family is at wit's ends, drowning in debt and extremely frustrated at this point

Suggestions:

Request his commission statements for the last year. Hopefully they will have the clients name, policy number, premium amount and mode and possibly show if it was first-year or renewal.
Color code his files by first year or renewal Those little colored circles folded over the filr top. Hopefully, he kept files off-site or in a CRM.
Call customer service and request status reports on the first year clients first. May be able to stop the policy raiding and chargebacks.
Personally, I would do all of this before they lock him out.

Never be captive. Companies, managers, uplines are your friend$ until they are not.

Lee

 

[WinoBlues]

I have AIG and with my agent number I can log into my account and look at my full book of business.

Does he have access to this information?

That.

I have maybe half a dozen AIG numbers. I have a binder with print outs of books of business from old numbers like OldLine Life(AIG)

Always have a hard copy of your books of business. Companies will lock you out.