Client Murdered Before Policy Date

[newtothegames]

HOW much was the face amount?

 

[jacobtn]

HOW much was the face amount?

yes, I'm surprised this hasn't been asked yet. Big difference in a term and UL and a smaller FE.

 

[scagnt83]

For a small face policy the hassle of haggling over the claim just isnt worth it to most companies.

If premium hasnt been submitted they will most likely want first months premium before they pay the claim.

The higher the DB the more reason to investigate.

NYL once paid a $1mill policy that was still in UW when the Insured died in an accident. No premium was submitted with app. They came back and told the agent that he would have been approved at Standard, so they just need first months premium and they will pay.

 

[rousemark]

This is a little too much 'House on the Prairie' for my take. Have you been invovled up close as to how this actually works? Maybe slightly different than what you depict. This is not about whether the individual is guilty or innocent in terms of the burden of proof to our constitution... this is all about the corp resolution and business practices of ONE insurance company and what they decide.

They are rats... [ins cos as a whole] have you ever seen a rat wiggle thru a tiny little hole the fraction of the size of their body mass? I think that [some] ins cos are escape artists just the same. Now I have no experience with the subject co, [Americo] but if I were the beneficiary I wouldn't count on seeing the claim funds here. Sorry that I am so cinical about the industry and their practices.

If I were of that opinion about insurance companies, I would never sell another policy.. After all, what would that say about my ethics if I willingly represented companies like that just to make a buck?
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[donamese]

If I were of that opinion about insurance companies, I would never sell another policy.. After all, what would that say about my ethics if I willing represented companies like that just to make a buck?

+1

We tend to forget the fact that the unscrupulous insurance companies are consistently getting hit by fraud through their producers and clients. If everyone was moral and ethical the industry would be much simpler and rates would be much lower as well. Unfortunately, everyone is trying to make and save a buck but not all go about it the right way.

 

[rousemark]

+1

We tend to forget the fact that the unscrupulous insurance companies are consistently getting hit by fraud through their producers and clients. If everyone was moral and ethical the industry would be much simpler and rates would be much lower as well. Unfortunately, everyone is trying to make and save a buck but not all go about it the right way.

You are going have a few low lifes in every industry ..But sportsnut says "as a whole".. That means he believes all of them to be that way.. In my years in the business, I have seen a lot more clients try to cheat or take advantage of insurance companies than the other way around.

 

[TommyBwell]

It has an $8,000 face amount

 

[SportsNut]

You are going have a few low lifes in every industry ..But sportsnut says "as a whole".. That means he believes all of them to be that way.. In my years in the business, I have seen a lot more clients try to cheat or take advantage of insurance companies than the other way around.

I agree with this as well. There is a meantality that is ok to rip the ins co before they rip you. Of course I do not subscribe to this thinking, just not in my moral fiber.

My characterization of Ins Cos being 'Rats' was likely a bit too strong. Ok, they are "Skunks". BUT, they fall into the category of a 'necessary evil', IMO.

These 'skunks' will cut your comp, will wheasel out of paying claims, in other words they will get by with what they can get by with, in far too many cases. This doesn't mean that I would consider treating them the same way, nor would I ever submit business to them that skirts the u/w rules.

Sort of like b*tching about the good old US of A... but it is still the best system going. Maybe ins cos fall into some exclusive category of their own as well, there isn't a replacement system unless you are Amish where they self insure. Doesn't mean that I am a total brainwashed shill for these cos, I know that they have some severe short comings in some areas [greedy b*stards] and I am merely not afraid to say so.

And yes, maybe my brush is too broad saying 'most'. Maybe I should amend that word to 'too many', at least for my comfort zone. Part of the reason why Ins Agents have about the same level of approval or popularity as Congress. We represent the 'skunks'. Some tongue in cheek utilized in this post!