Carrier Incentive Trips

[Newby]

I got 2 agent friends with them that weren't under you . They've received nothing about any rescinding of any policy's . No question Kskj was go to for healthy people . But i truely believe in the end they didn't have the reserves to handle all the business they got. Also if I'm not mistaken fraternal aren't under the scrutiny of the state ins dept as far as reserves go.They were a small company flooded with business for yrs . Obviously the aggressive underwiting hurt them . But we'll never know exactly what happened

Your friends won't receive the letter until they have a policy that gets rescinded.
I've never heard that about fraternals not being regulated by the Department of Insurance for reserves. I doubt that that is correct. Why would they not regulate them?

 

[DonP]

Your friends won't receive the letter until they have a policy that gets rescinded.
I've never heard that about fraternals not being regulated by the Department of Insurance for reserves. I doubt that that is correct. Why would they not regulate them?

You're correct i just confirmed it . I got a copy of a rescinded letter . But peeling back the onion Scott any carrier who does what Kskj did it's because they were losing money or saw something in the future they didn't like . It also could have been they didn't have the reserves for all the business and had to term some plans . Nobody will ever know

 

[jdeasy]

You're correct i just confirmed it . I got a copy of a rescinded letter . But peeling back the onion Scott any carrier who does what Kskj did it's because they were losing money or saw something in the future they didn't like . It also could have been they didn't have the reserves for all the business and had to term some plans . Nobody will ever know

They sent a letter to every contracted agent telling them about this.


They did not send that letter to termed agents.

 

[damadcrapper]

Dumb agent question - can a carrier rescind for any reason in the first two years, or do they need to discover something that occurred before the app was taken and was not revealed?

 

[DonP]

They sent a letter to every contracted agent telling them about this.


They did not send that letter to termed agents.

No he's not termed . So are you saying when they term a policy with a termed agent they don't notify them? I'd guess not as they are no longer contracted . It shows up on their renewal statement

 

[jdeasy]

No he's not termed . So are you saying when they term a policy with a termed agent they don't notify them? I'd guess not as they are no longer contracted . It shows up on their renewal statement

No. I'm saying they sent a letter dated Dec 30 to every active agent telling them about this new policy and that they will be reviewed and subject to recission.

They did not send that letter to termed agents.

They only sent it to the upline.

If an agent has a recission they get a letter. It does not show up on their commission statement. They stop the commissions until the debt is cleared.

There is no communications to the termed agent other than the one notification.

Now, I'm sure if that agent doesn't pay the debt there will be further communications.

 

[jdeasy]

Dumb agent question - can a carrier rescind for any reason in the first two years, or do they need to discover something that occurred before the app was taken and was not revealed?

The technical answer is no, there has to be a reason.

But, would a company manufacture reasons?

Any port in a storm?