Approved but....

Dec 5, 2018

  1. Willie2358
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    Willie2358 Expert

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    Good morning everyone I'm faced with a delema. As a professional if you had a client who was approved but not at the quoted rate and you have been trying to get intouch with them about the new premium and to get an ok on the draft date but you cant get intouch with the client would you submit it for issuance or continue to wait ok the client. I spoke with this person about insurance after they approached me for coverage. So I'm not sure if she is unavailable because she now doesn't want the policy or what. The way I see it is my job was done. So now what?? As a professional what would you do ?
     
  2. Todd King
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    Todd King IMO/FMO Owner

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    I assume you have been calling and leaving messages, so this is what I might do. Call her and leave her another message that she has been approved by the company but at a higher rate (and don't say what that higher rate is) and you didn't want her to be surprised to see a higher amount drafted out of her account, so you wanted to make sure she knows about it beforehand. Unless she is incapacitated for some reason, I'll be she calls you back!
     
  3. Willie2358
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    Willie2358 Expert

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    Thanks Todd,

    We have spoke about it and she told me to call her this week to finalize it, but she has not picked up my phone calls or answered my text messages since. Should I take that as a clear sign that she is no longer intrested. I'm not intrested in recieving charge backs, kind of at a rock and a yard place here. Cause my thought is I've done my portion of what she has asked me to do and if you cant pick up the phone to tell me either way to proceed then I should just submit it for issuance and let them decide in the 10 day free look. I dont feel like that's the most ethical which is why I haven't done so.
     
  4. LostDollar
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    LostDollar Guru

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    Is this a situation where one should ask their E&O carrier for suggested course of action?
     
  5. DHK
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    DHK "YOU CAN'T HANDLE THE TRUTH!"

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    No.
     
    DHK, Dec 5, 2018
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  6. DHK
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    DHK "YOU CAN'T HANDLE THE TRUTH!"

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    1. The words you use have a powerful affect on how people perceive things. I would've simply said something like: "Your policy has been approved under normal terms for your health situation." Sounds a whole lot better than "I couldn't get you the rate you wanted."



    2. Close the sale or close the file. The 10-day free look typically begins upon policy DELIVERY, not policy issuance. I'd do everything to get the policy in your hands and then either they sign for the policy, sign a personal form that they decline to accept coverage, or get other confirmation that they don't want to move forward.

     
    DHK, Dec 5, 2018
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  7. Willie2358
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    Willie2358 Expert

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    Thanks DHK... when you say get the policy in my hands ?? The carrier is wanting me to confirm the draft date and if there is anything needing to be changed. It's on me to deliver the policy correct which will start their free look period? Or would you hold off on telling the carrier till you confirm with the client. I'm not sure but I think I lost her when her secondary policy was declined.
     
  8. fed up
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    fed up Super Genius

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    Hi Mrs Jones, It's Willie. I have your policy ready and I need to get your signature on the delivery ticket. What is the best day to come by? Is tomorrow at 2 good or would Friday at 10 be best? The policy is not stay active unless I have the signature.
     
    fed up, Dec 5, 2018
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  9. DHK
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    DHK "YOU CAN'T HANDLE THE TRUTH!"

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    Assuming you're with a company that delivers policies to agents to deliver - yes.

    Confirm an appropriate draft date - even if it's the original draft date previously agreed to. However, have a draft change form (or any other form) ready for when you do deliver the policy so you can return it with the signed delivery receipt.

    When you deliver it to the client, just confirm everything as it is, or if they want to make a change to the draft date, or if they decline coverage altogether.
     
    DHK, Dec 5, 2018
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  10. Life Hawk
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    Life Hawk Guru

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    Go visit... do a face 2 face, do a coffee, sit down and explain... or perhaps counter offer with a different company... try never to do this one over the phone, always set up a new "appointment under favorable conditions"

    This is the part of sales where you begin to weed out the men from the boys.

    Note: if the client sold you on the need to cover them... and the cost difference is not that much... I would submit unless there was a clear agreement that the set amount was as high as they would go... I would by far rather be in trouble for getting coverage for someone as opposed to being in trouble for not getting coverage for someone who ask for it...
     
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