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Y'all ever heard of this outfit before?
Each WL policy establishes an "Irrevocable Trust" for its clients.
Each WL policy establishes an "Irrevocable Trust" for its clients.
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A new law just passed in Ohio that you have to have a disclaimer form signed when selling ANY fraternal.it explained that there is NO state guarantee protection AND the members may have to bail out the company in the event of insolvency.
Not good for fraternal sales.
Here is the exact verbiage on the form:
OHIO INSURANCE GUARANTY ASSOCIATION DISCLOSURE STATEMENT
(Name of Fraternal here) IS LICENSED TO DO BUSINESS IN THE STATE OF OHIO. AS A NOT-FOR-PROFIT, TAX-EXEMPT, MEMBERSHIP ORGANIZATION, FRATERNAL BENEFIT SOCIETIES ARE NOT INCLUDED IN THE OHIO GUARANTY ASSOCIATION. THIS MEANS THAT FRATERNAL BENEFIT SOCIETIES CANNOT BE ASSESSED FOR THE INSOLVENCY OF OTHER LIFE INSURERS OR OTHER FRATERNAL BENEFIT SOCIETIES. BY LAW, A FRATERNAL BENEFIT SOCIETY IS RESPONSIBLE FOR ITS OWN SOLVENCY. IF THERE IS AN IMPAIRMENT OF RESERVES, A CERTIFICATE HOLDER MAY BE ASSESSED A PROPORTIONATE SHARE OF THE IMPAIRMENT. THIS PROCESS IS DESCRIBED IN THE CERTIFICATE ISSUED BY THE SOCIETY.
A new law just passed in Ohio that you have to have a disclaimer form signed when selling ANY fraternal.it explained that there is NO state guarantee protection AND the members may have to bail out the company in the event of insolvency.
Not good for fraternal sales.
Here is the exact verbiage on the form:
OHIO INSURANCE GUARANTY ASSOCIATION DISCLOSURE STATEMENT
(Name of Fraternal here) IS LICENSED TO DO BUSINESS IN THE STATE OF OHIO. AS A NOT-FOR-PROFIT, TAX-EXEMPT, MEMBERSHIP ORGANIZATION, FRATERNAL BENEFIT SOCIETIES ARE NOT INCLUDED IN THE OHIO GUARANTY ASSOCIATION. THIS MEANS THAT FRATERNAL BENEFIT SOCIETIES CANNOT BE ASSESSED FOR THE INSOLVENCY OF OTHER LIFE INSURERS OR OTHER FRATERNAL BENEFIT SOCIETIES. BY LAW, A FRATERNAL BENEFIT SOCIETY IS RESPONSIBLE FOR ITS OWN SOLVENCY. IF THERE IS AN IMPAIRMENT OF RESERVES, A CERTIFICATE HOLDER MAY BE ASSESSED A PROPORTIONATE SHARE OF THE IMPAIRMENT. THIS PROCESS IS DESCRIBED IN THE CERTIFICATE ISSUED BY THE SOCIETY.
Thanks -- I'm going to print this off and find those Foresters policies.
Could anybody upload an Ohio disclaimer form for Foresters, RNA, etc?