Best Way to Handle an Improper Replacment?

[nfl72]

Had a different kind of appointment today. I knew going in he had an existing policy and also knew he had very serious diabetes issues including at least three amputations with the most recent being his right leg about a year ago.

When I got there e showed me his Mounumental policy which was issued on 10/5/12. It was a level policy and the diabetic question was answered no. It also stated no replacment of an existing policy was taking place. Yet the policy did infact replace a Bankers LIfe graded policy which was taken out on 3/1/12.

The Bankers life policy looked ok but the Mounumental was a complete fraud. The client is pretty upset about it and is going to call Mounumental tomorrow.

Any predictions on what Mounumental will do? He has a $7,000 policy at $40 per month. 60 MNT, level. The way I read it he should have been a complete turn down.

While I am signed up with Mounumental I have never used them, mostly because of what I read in ths forum.

 

[jdeasy]

Here's an educated guess, Mon will ask the guy to send in a statement of health or even a medical report. Once they see that what you claim is correct they will rescind the policy and return all premiums to the client.

They will chargeback all commissions paid to the agent. After that they pretty much won't do anything.

 

[Jerard]

This is what pisses me off about this profession. The good ones always have a thorn in our butts put there by the bad ones. This puts us all on the same level as used car salesmen (no offense to former used car salesmen). I wonder why that agent didn't just offer a better GB plan...I mean come on...it was Bankers...how hard would that have been?

 

[TDFnCali]

Had a different kind of appointment today. I knew going in he had an existing policy and also knew he had very serious diabetes issues including at least three amputations with the most recent being his right leg about a year ago.

When I got there e showed me his Mounumental policy which was issued on 10/5/12. It was a level policy and the diabetic question was answered no. It also stated no replacment of an existing policy was taking place. Yet the policy did infact replace a Bankers LIfe graded policy which was taken out on 3/1/12.

The Bankers life policy looked ok but the Mounumental was a complete fraud. The client is pretty upset about it and is going to call Mounumental tomorrow.

Any predictions on what Mounumental will do? He has a $7,000 policy at $40 per month. 60 MNT, level. The way I read it he should have been a complete turn down.

While I am signed up with Mounumental I have never used them, mostly because of what I read in ths forum.

What have u heard thats so bad about Monumental? In Calif I still use Monu, not TransAmerica...so I still like them for 78+ (I used it today for a 79yr old), I like them as a backup for smokers if Americo cant be used too. I also like them for odd things like Lupus (they dont ask), CHF with no oxygen. Plus you can use them for ppl 0-85.

 

[nfl72]

I don't recall the specifics. I just remember whenever I read something about them it is usually bad, except fot the use of Oxygen, where I hear they are good.

I am very interested in hearing what Monumental intends to do with this current situation. If they don't cut off the agent they are just as Snakey as he is.

I can understand if you ask a question about Stroke or TIA etc. If the guy lies we might not have a way to know if he is lieing. In this case the guy is Diabetic on insullen and is missing his right leg! He walks with crutches as he doesnt have a prosthetic.

Then the fact that he called the clients credit union to stop payments on his Bankers policy, yet he denied a replacement was taking place on the applicaton. The guy needs to be selling used cars , for sure, preferably GM, Ford or Chrysler!!!

 

[houcoogster]

If the client can show that he was honest with the Bankers policy I think he's got them dead to right. Monumental will have to keep his policy as issued with waiver or a hold harmless on the diabetic question.
If I were monumental I would keep this matter between me and the client.

 

[Biggin]

Here's an educated guess, Mon will ask the guy to send in a statement of health or even a medical report. Once they see that what you claim is correct they will rescind the policy and return all premiums to the client.

They will chargeback all commissions paid to the agent. After that they pretty much won't do anything.

I wrote a monumental policy several years ago to replace another policy that was issued standard. The replaced agent called monumental and told them that the client has CHF. Monumental recinded the policy and charged back commission immediately. I sent a letter signed by her dr. That she has never had a CHF diagnosis. Monumental didnt care. Fwiw. Actually the replaced agent had her husband who is not licensed call monumental to lie about the client to deny them life insurance. This client was not impressed and will be my client until the day she "assumes room temperature"

 

[VolAgent]

If the client can show that he was honest with the Bankers policy I think he's got them dead to right. Monumental will have to keep his policy as issued with waiver or a hold harmless on the diabetic question.
If I were monumental I would keep this matter between me and the client.

Monumental doesn't have to do anything of the sort. They can and probably will rescind the policy as soon as they become aware of his health. It is a fraudulent policy and they would be well within their rights to rescind.

The requirement was on the agent to properly fill out the replacement forms, not Monumental.

The policy is now almost 8 months into the 24 month incontestability period. The policyholder may or may not want to tell Monumental and take his chances. He definitely should file a complaint with the DOI against the agent.

 

[TDFnCali]

I don't recall the specifics. I just remember whenever I read something about them it is usually bad, except fot the use of Oxygen, where I hear they are good.

I am very interested in hearing what Monumental intends to do with this current situation. If they don't cut off the agent they are just as Snakey as he is.

I can understand if you ask a question about Stroke or TIA etc. If the guy lies we might not have a way to know if he is lieing. In this case the guy is Diabetic on insullen and is missing his right leg! He walks with crutches as he doesnt have a prosthetic.

Then the fact that he called the clients credit union to stop payments on his Bankers policy, yet he denied a replacement was taking place on the applicaton. The guy needs to be selling used cars , for sure, preferably GM, Ford or Chrysler!!!

Well since u hate Americo for not emailing u docs, lapsed pmts notices, etc.... You would love Monumental, they let me know of any issues right away & I've never had a decline with them, FYI.

TDF
Sent from my Sprint Galaxy S4 using Insurance Forums

 

[HoosierLife]

Well since u hate Americo for not emailing u docs, lapsed pmts notices, etc.... You would love Monumental, they let me know of any issues right away & I've never had a decline with them, FYI.

TDF
Sent from my Sprint Galaxy S4 using Insurance Forums

Maybe that's and equita thing cause I gotta check the agentnetinfo site cause they never email me anything. I haven't had a lapse yet...but maybe I have...I haven't checked te site in a while :(