can I transfer my own policy from another agent?

[newbie2]

Hi All

I purchased a term policy from another agent in NY over a decade ago. I wasn't a licensed agent back then.

I recently obtained my license in NY about a couple yrs ago.

Question: am I allowed to transfer my own policy back to myself and manage the policy on my own going forward?

Thanks.

 

[Baseball7]

Manage what?

 

[Newby]

Hi All

I purchased a term policy from another agent in NY over a decade ago. I wasn't a licensed agent back then.

I recently obtained my license in NY about a couple yrs ago.

Question: am I allowed to transfer my own policy back to myself and manage the policy on my own going forward?

Thanks.

Yes. You can become the agent of record. There is no commission involved on the term. If you do a conversion I would clarify with the company before you do it whether the commission will still be paid to the original selling agent or paid to the new agent of record.

 

[DHK]

The general answer is yes. The real answer is... company dependent.

When I got my first policy from The Hartford, they wouldn't let me transfer the policy to myself as the agent of record. It was insane. So I was in good health and got another policy from another company.

So I just wanted to let you know that it's possible that you can't, but it's company specific.

 

[WinoBlues]

Yes.

As mentioned above it is company dependent. Some companies will do it with a phone call, some a letter. Some will not involve the old agent Some will require they sign off. Do it as the insured, not the agent.

As Newby said, if converting double check how and to whom the conversation comp is paid.

 

[Allen Trent]

If you have never written a policy with the carrier, it is unlikely they will want to appoint you merely to have you service an existing policy, especially your own. Many term policies have no residual income, so there likely isnt a big reason to get appointed merely so your name is listed as agent. the items to service existing policies tend to be: beneficiary change, billing, address change" . you can do those directly with the carrier as the consumer, so likely no reason to be the agent of record.