Direct Billing Question
- Thread starter RookieYankee
- Start date
- 17,077
Recinded policies can charge back. Even with no advances.
Just to be clear, it can happen with all life insurance, not just FE.
- 7,012
Speaking of Gerber. I got an email from them the other day. Bank Error in your favor. $2300 in commission they paid out to someone else accidentally. So they paid me on that.
Wonder who the other "agency partner" was.
- 4,306
I'm rethinking my position on GI. My position has always been that I will write a GI policy, but only if I think there's a pretty good chance the person will live long enough to get the full benefit.
But a while back I had a young client ask me about insurance for her grandmother. On questioning her, I concluded that the lady was not long for this world, so I declined to write her, and instead recommended the family make arrangements with a funeral home.
Yesterday we got surrender notices on her whole family. They found an agent that would write grandma and at the same time found a "better deal" on theirs (questionable - I think he wrote non-smoker rates on this couple I know for a fact are both smokers!). In retrospect, I wish I had written grandma and just held the commission back for the inevitable chargeback. Then maybe I wouldn't be getting replaced on the rest!
(On the other hand, when grandma leaves us and the family only gets a couple premiums back, they can get mad at the "new" agent instead of me!)
- 15,041
Exactly. Because you know he told some fibs if they are surrendering policies.
