Curious about DBA's
- Thread starter Sir Ringo
- Start date
- 14,808
No. But I can't spend my time worrying about something that's completely out of my control either. I cannot stop someone from suing me and if it's gonna be a case where a client lies, decides to get amnesia or the carrier throws me under the bus then I guess it sucks to be me.
I especially like Assurant since it's an online app, client must go to Verifyhealth.com where they have to review the medical info on their own, then they have to sign the offer to accept/attest. I think that's pretty good protection for noting pre-ex conditions.
Regarding being sued over claims - 100% out of my control. All I can do is be diligent.
I especially like Assurant since it's an online app, client must go to Verifyhealth.com where they have to review the medical info on their own, then they have to sign the offer to accept/attest. I think that's pretty good protection for noting pre-ex conditions.
Regarding being sued over claims - 100% out of my control. All I can do is be diligent.
- 7,790
I personally knew an agent some years ago who wrote a life policy on a lady. About a month after the policy was issued the insured died. I don't recall whether the insurer requested an autopsy but the lady had cancer which was the cause of death. The insurer refused to pay the death benefit, but they rescinded the policy and refunded the premiums paid. The surviving spouse sued the agent claiming that his wife had disclosed to the agent that she had terminal cancer. The agent alleged that the wife lied to him and did not answer the question truthfully regarding this health problem. I don't know how she got past a paramed (if there was one), but this agent spent over $5,000 in legal fees to defend himself. I don't know what the final outcome was because I left that agency while the case was still pending. The insurance company washed their hands of the whole deal and left the agent twisting in the wind. BTW he had no E&O.
- 11,280
Nice story Arnguy. You couldn't make a better one up than that? Atleast John's was funny. 
- Thread starter
- #35
FWIW,this is second hand info from my broker, who stated that a year after he sold his share in a P&C company, his ex partner wrote a policy for a soldier that was stationed at camp shelby out of hattiesburg, ms for a new or newer pick-up. The agent finalized the deal on that weekend, took payment etc etc, now I am not a p&c agent and only know about it from [paying my own vehicle insurance). Anyway, that evening, the soldier wrecked his truck, in short, the ins. company (don't know who it was, but maybe? I can find out) denied his claims, the soldier asked this particular agent what he should do, and the agent said sue'em for it, because everything is legit, well, to make this long story short, he did and the ins. company filed a counter suit against the soldier AND the agent for fraud. The outcome?
Well, according to my broker, instead of the ins company paying about 30K and be on their way, they lost the suit, the agent countered and received over a $1 mil settlement, don't know what the soldier got out of it.
Could this really happen? Don't know, but my broker wasn't one to just spin off a tale, if you know what I mean.
Well, according to my broker, instead of the ins company paying about 30K and be on their way, they lost the suit, the agent countered and received over a $1 mil settlement, don't know what the soldier got out of it.
Could this really happen? Don't know, but my broker wasn't one to just spin off a tale, if you know what I mean.
- 2,908
Paramed or no paramed, there would have been a question on the app. Presumably the client signed the app attesting to the truthfulness of the answers.
Winter
- 7,790
SAI, that is a true story! If you want the deatils, PM me and I will see if I can locate the guy and give you...the rest of the story. Kudos to Paul Harvey.
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- 7,790
Winter, as far as I know the lady did not truthfully answer the question. The spouse's claim was that she did answer truthfully to the agent and he deliberately changed he answer in order to place the case.
- 2,908
In Maine you can use a DBA but have to have that info added to your producer license name/address info on file with the department. Gets quicky though because if you use that info in advertising such as a website or newspaper then you have to have it registered as an agency name or rather you have to be an agency with that name.
Winter
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