Bankers Life Charge Back

May 28, 2013

  1. houcoogster
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    houcoogster Guru

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    Ok ok xrac were talking about $650 bucks what is that like 2 policies?

    Just tell the OP to go and do the right thing for HIS customers.
     
  2. xrac
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    xrac Guru

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    $650 ain't the lawsuits I have been involved with. The last one was $10,000+ in attorney fees.
     
    xrac, May 29, 2013
    #12
  3. houcoogster
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    houcoogster Guru

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    And this was because you went and rewrote your customers a better policy?
     
  4. Indy007
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    Indy007 Guru

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    You could get away with rolling a few policies here and there, BUT if you go replacing everything you wrote systematically they will enforce the Non Solicit you signed. They will likely just want to run up your legal fees to bleed you out, then drop the case. They have much deeper pockets than you...
     
    Indy007, May 29, 2013
    #14
  5. xrac
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    xrac Guru

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    No! My point is just the potential cost involved in a lawsuit if someone decides to make your life miserble.
     
    xrac, May 29, 2013
    #15
  6. VolAgent
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    VolAgent Guru

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    You have non-compete and non-solicit confused. They can't stop you from being an insurance agent without some kind of compensation. But they can definitely go after you for taking away customers they paid you to acquire for them.

    I'd use my commission statement as a guide. As soon as a policy lapsed per my comp statement I'd go rewrite them with another carrier.
     
  7. houcoogster
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    houcoogster Guru

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    I can go along with this.
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    Ok so you believe they are the insurance companies customers.
    I believe they are my customers that I placed with the insurance company. I have a legal duty and responsibility to my customers to put them in the best position I know of at the time.

    Back the OP Bankers wants him to pay them back the commision they paid him. So by what your saying he should pay Bankers and then he will be free to do what he wants....right?
     
    Last edited: May 29, 2013
  8. VolAgent
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    VolAgent Guru

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    What I feel and what is the legal truth are two different things.

    I feel that my clients are just that, my clients. Legally they are the insurance company's. Every contract you have is an agent's contract, not a broker's contract. You are acting as an agent for the company to procure business for them. Most of us on here are independent, but we are still agents. As long as you are receiving a commission from the company and not a fee from the insured you are an agent of the company.

    Sure, he could pay them back all commission and be free to flip the book, if only Banker's would accept that. Of course they won't because they want the policy on the books generating premium.

    Why Banker's tolerates agencies constantly re-writing business is beyond me. Why they want to pay FYC on a policy multiple times is crazy. Each re-write just adds more time to the period they are paying FYC.
     
  9. Norwayguy
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    Norwayguy I have spent way too much time here.

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    Most likely they won't. It has been many years since I was with Bankers but if I remember correctly you did not vest into renewals until year 7 so you will not be entitled to renewals.
     
  10. supersupps
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    supersupps Guru

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    why do agents contract with bankers. I havent heard 1 good thing about them
     
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