Check Your "Vested Contracts"

[Mark]

Back when I was with Americo the contract had 2 different boxes on it where the IMO could pick if you was or was not vested...I saw many imo's not vesting agents and they didnt even know what it meant..

Make sure you are day 1 vested..with all your companies..if you are not sure,,call them and ask them.

 

[Joe Moore]

Make sure you are day 1 vested..with all your companies..if you are not sure,,call them and ask them.

Mark,

Most of the people at any home office you may be talking too, would probably not have a clue what "Vesting" is.
The box for "Vested" was checked. But, the "gotcha" was the clause if I was terminated, and owed them money--it was suddenly all due, and the word "Vested" immediately meant nothing. And they no longer owed me anything.

Seems you are pretty familiar with the company in question. Even though it was their best offering, it fulfilled their purpose.

 

[Newby]

Joe I have my Americo contract under you. I never sold much with them. I just went on their website and I am locked out.
I assume this is the company in question?

 

[policy doctor]

Glad this experience was posted. Perhaps I've been in insurance for too long, and anguish too much over the industry changes and broken promises last ten years, compared to what it was in the 80's. Notice how those contracts add more clauses thru the years?

My opinion of this industry is dog eat dog. If it weren't for debt and liability issues, most insurance prods wouldn't be necessary.

 

[retread]

Glad this experience was posted. Perhaps I've been in insurance for too long, and anguish too much over the industry changes and broken promises last ten years, compared to what it was in the 80's. Notice how those contracts add more clauses thru the years?

My opinion of this industry is dog eat dog. If it weren't for debt and liability issues, most insurance prods wouldn't be necessary.

Exactly my sentiments. Each agent nowadays must "lawyer up" when sent a contract. That really doesn't do the job, though. The real problem lies in the "non-disclosed" elements of the contract. (And I really mean "lies")

 

[Mark]

Well back when I was an IMO for Americo there was a place not on the contract for the IMO to check if the imo wanted to vest the agent or not.

I saw many other IMO's not vesting any agents and the agent would never know until it was too late.

Make sure you are vested with any company. It never hurts to call the Company contracting dept and ask.

 

[Joe Moore]

Joe I have my Americo contract under you. I never sold much with them. I just went on their website and I am locked out.
I assume this is the company in question?

Yes, you assume correctly.

Have you received a notice you were terminated?
If so, I bet it was so discreet you did not notice.
- - - - - - - - - - - - - - - - - -

Well back when I was an IMO for Americo there was a place not on the contract for the IMO to check if the imo wanted to vest the agent or not.

I saw many other IMO's not vesting any agents and the agent would never know until it was too late.

Make sure you are vested with any company. It never hurts to call the Company contracting dept and ask.

Mark,
You may want to go back to the old contract, and see what happens if you are terminated owing them money. Bet they say it's theirs.

 

[Mark]

Also most companies will not send you money if it is under a certain amount. I had a company that owed me about $120 a month from my 2% override, but they said since it was under $250 a month,,they don't have to pay me and it was in the fine print,,somewhere...lol

 

[jdeasy]

Also most companies will not send you money if it is under a certain amount. I had a company that owed me about $120 a month from my 2% override, but they said since it was under $250 a month,,they don't have to pay me and it was in the fine print,,somewhere...lol

Must be LH. That $250 is hidden somewhere in the contract, but, it's in there. I have a little over $200/mo. in renewals from LH. Since it's not $250, they keep it. They don't roll it to the next month to get you over $250, they just keep it. I don't write for them anymore, so it can't grow.

Legal stealing.

 

[retread]

Also most companies will not send you money if it is under a certain amount. I had a company that owed me about $120 a month from my 2% override, but they said since it was under $250 a month,,they don't have to pay me and it was in the fine print,,somewhere...lol

I see this in my contracts, too. Most of them say $50/month.... but this is still stealing.