Endorsement Vs. Amendment

[TPAAgent]

13 years in this business ya think ya seen it all. I've had my share of amendments like many others- I was always under the impression that when a contract is signed by both parties, and if any changes are made to that contract i.e (rating change etc) an amendment is attached bearing the signatures of the insured before it is placed inforced.

I have a good chance to replace a nice size premium for a husband and wife- The husband has a Monumnetal policy for a face of $3,990 instead of the $5,000 that was written on the contract.

Client swears the policy was mailed to him and he never signed an amendment to the change of the original contract. Both delivery requests pages were present in his policy and unsigned which led me to believe he was telling the truth.

Was the client rated and his signature forged by the agent to accept the decrease face amount to equal the premium?Some things I thought about... His birthday was incorrect on the application by 5 days- checked it out- wouldnt effect the premium as the contract was written 6 months out of his birth month- Being in Monumnetal- I kinda new why the face dropped- Monumental has a pref and a stand rating.. after running the engine- yup- that was it.. but where was the amendment?

Going through the policy, nothing was found- but at the very end of the paperwork.. uh-huh... there she was...

"Endorsement"

It mentions the birthday error
It also mentions the standard rate vs the applied pref.

My question is- shouldn't this have been put on amendment and signed by the client agreeing to the change of the original contract?

And by definition- what is the exact difference between an "Amendment" vs a "Endorsement?"

He's only had the policy for 7 months- but I feel like the gentleman should be entitled to all paid premiums back- I know I would be pissed having never been told by my agent that my face amount is less than I applied for and the company issued the policy at that amount without my agreement.

Anybody on the difference between the two.. why one policy will have an endorsement and the other an amendment and does this gentleman have the right to a full refund of all premiums paid?

Thanks to anyone that might educate me on this

 

[WinoBlues]

I do not have an app with me. There are some apps that ask if the client will take an other than applied for policy. Such as graded v standard.

Monumental may be the same.

13 years in this business ya think ya seen it all. I've had my share of amendments like many others- I was always under the impression that when a contract is signed by both parties, and if any changes are made to that contract i.e (rating change etc) an amendment is attached bearing the signatures of the insured before it is placed inforced.

I have a good chance to replace a nice size premium for a husband and wife- The husband has a Monumnetal policy for a face of $3,990 instead of the $5,000 that was written on the contract.

Client swears the policy was mailed to him and he never signed an amendment to the change of the original contract. Both delivery requests pages were present in his policy and unsigned which led me to believe he was telling the truth.

Was the client rated and his signature forged by the agent to accept the decrease face amount to equal the premium?Some things I thought about... His birthday was incorrect on the application by 5 days- checked it out- wouldnt effect the premium as the contract was written 6 months out of his birth month- Being in Monumnetal- I kinda new why the face dropped- Monumental has a pref and a stand rating.. after running the engine- yup- that was it.. but where was the amendment?

Going through the policy, nothing was found- but at the very end of the paperwork.. uh-huh... there she was...

"Endorsement"

It mentions the birthday error
It also mentions the standard rate vs the applied pref.

My question is- shouldn't this have been put on amendment and signed by the client agreeing to the change of the original contract?

And by definition- what is the exact difference between an "Amendment" vs a "Endorsement?"

He's only had the policy for 7 months- but I feel like the gentleman should be entitled to all paid premiums back- I know I would be pissed having never been told by my agent that my face amount is less than I applied for and the company issued the policy at that amount without my agreement.

Anybody on the difference between the two.. why one policy will have an endorsement and the other an amendment and does this gentleman have the right to a full refund of all premiums paid?

Thanks to anyone that might educate me on this

 

[jdeasy]

I do not have an app with me. There are some apps that ask if the client will take an other than applied for policy. Such as graded v standard.

Monumental may be the same.

Monumental does have on the application. It not only asks that, it also asks if you want to change coverage or premium if substandard is offered.

I always check no so I don't know how they handle it if you it's checked yes and substandard is the offer. I know that when it's checked no and there is a substandard offer they will go ahead and issue the policy but you have to get a signed amendment if the person accepts it.

I can't imagine that as amendment happy Monumental is they would ever issue something without a signature.

 

[WinoBlues]

Monumental does have on the application. It not only asks that, it also asks if you want to change coverage or premium if substandard is offered.

I always check no so I don't know how they handle it if you it's checked yes and substandard is the offer. I know that when it's checked no and there is a substandard offer they will go ahead and issue the policy but you have to get a signed amendment if the person accepts it.

I can't imagine that as amendment happy Monumental is they would ever issue something without a signature.

That was my guess. I also always check no to those. Saves me from having to send it back for reissue.
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If the other agent did not explain to them it was issued lower then it should be easy to knock him out of there for being dishonest.

13 years in this business ya think ya seen it all. I've had my share of amendments like many others- I was always under the impression that when a contract is signed by both parties, and if any changes are made to that contract i.e (rating change etc) an amendment is attached bearing the signatures of the insured before it is placed inforced.

I have a good chance to replace a nice size premium for a husband and wife- The husband has a Monumnetal policy for a face of $3,990 instead of the $5,000 that was written on the contract.

Client swears the policy was mailed to him and he never signed an amendment to the change of the original contract. Both delivery requests pages were present in his policy and unsigned which led me to believe he was telling the truth.

Was the client rated and his signature forged by the agent to accept the decrease face amount to equal the premium?Some things I thought about... His birthday was incorrect on the application by 5 days- checked it out- wouldnt effect the premium as the contract was written 6 months out of his birth month- Being in Monumnetal- I kinda new why the face dropped- Monumental has a pref and a stand rating.. after running the engine- yup- that was it.. but where was the amendment?

Going through the policy, nothing was found- but at the very end of the paperwork.. uh-huh... there she was...

"Endorsement"

It mentions the birthday error
It also mentions the standard rate vs the applied pref.

My question is- shouldn't this have been put on amendment and signed by the client agreeing to the change of the original contract?

And by definition- what is the exact difference between an "Amendment" vs a "Endorsement?"

He's only had the policy for 7 months- but I feel like the gentleman should be entitled to all paid premiums back- I know I would be pissed having never been told by my agent that my face amount is less than I applied for and the company issued the policy at that amount without my agreement.

Anybody on the difference between the two.. why one policy will have an endorsement and the other an amendment and does this gentleman have the right to a full refund of all premiums paid?

Thanks to anyone that might educate me on this

 

[TPAAgent]

There it is.. thats it.. thanks Wino...

I'd venture to guess half them Securus agents are probably instructed to mark that box yes... betcha theres alot of Securus clients out there thinking they have more coverage than they actually have

I think thats kinda BS myself- I doubt many agents mention this when filling out the app