- 15,041
They are supposed to only do that. It would be interesting to see the request sent to the doctor and what time frame they request for records.
Equitable/whole life question
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They are supposed to only do that. It would be interesting to see the request sent to the doctor and what time frame they request for records.
- 17,077
I don't know about that. But stuff that happened or meds that were prescribed prior to the application date are what they are going to use to rescend.
- 5,943
Sounds like you might want to begin a plan "B" just in case they do rescind the contract. Run your numbers and have some options to pivot too. (Make sure you keep your client.) Your not in the business to keep Equitable in business.
Question for the "long-termers": How (can?) navigator make it to where she is contacted first if the contract is rescinded?
Question for the "long-termers": How (can?) navigator make it to where she is contacted first if the contract is rescinded?
- 17,077
The only sure way of that would be to buy an insurance company.
Short of that just be aware that every company has the right to recind for 24-months. But most don't unless there was a death and they find an issue in the Underwriting. So when you find out that companies actively do monitor and recind for 24-month's after issue...well at that point most agents want to limit their exposure. But we all make our own choices.
- Company A? Why the crypticness?
- Plan F? This isn't a Medicare thread so I don't know what that refers to. Thanks in advance for enlightening me.
Plan F is an MIB program to which some companies subscribe. If MIB receives information on a person that might have been material to the issue of their policies, MIB notifies the company and they will investigate to see if the policy should have been issued... If the information would have resulted in a decline had the company been aware of the information at the time of issue then they will rescind the policy, assuming the policy is till within the contestable period.
- 19,667
The original HIPAA form was good for 2 years. They wouldn't need a new one for plan F. Nor does company A, {americo}, ask for one when they plan F. In fact, they don't notify anyone in advance. Including the agent. They send a letter of recission to the client.
The agent only finds out if the insured tells them. They do find out when they get the chargeback. Americo will not discuss the case in any form or fashion with the agent. Before or after.
They come into this discussion because they reinsure Equitable's FE product.
I don't believe they administer the Equitable product. But I suppose it's possible?
Something sounds fishy to request a new HIPAA.
The agent only finds out if the insured tells them. They do find out when they get the chargeback. Americo will not discuss the case in any form or fashion with the agent. Before or after.
They come into this discussion because they reinsure Equitable's FE product.
I don't believe they administer the Equitable product. But I suppose it's possible?
Something sounds fishy to request a new HIPAA.
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- #18
I finally got ahild of the UW who sent the forms to my client at Equitable, she stated that his policy was "flagged" for an audit because of an MIB hit that was reported to them, She stated that they have a service with MIB that will alert them of anything within the first 2 years, she said something came back that is requiring them to look further into the policy and order records... So, I called my client and asked if he had done anything at all and he said that a few months ago the lady at his bank applied him for a UL policy and he was denied for reasons he doesnt know but I am going to assume that that is what triggered the MIB hit to Equitable..
- 19,667
What they are telling you is that they subscribe to plan F. And yes, applying with a another company will trigger a hit that MIB sends to their subscriber. Nothing to assume, that's what happened.
But they still didn't need a new HIPAA form.
At least Equitable will talk to you upfront. Americo will not.
I had one that was wrongly rescinded with americo. No notification to me or the client upfront. They sent her a refund and cancelled her policy. It took a month or so but I was finally able to get it corrected and americo agreed it was an error on their part. All she had to do was send the money back and the policy would be put back in force.
It was a hollow victory as the lady, against my advice, cashed the check and spent the money. She didn't have the money to send back.
I had one with RNA that was similar. Except RNA notified me and the insured upfront and wanted an explanation. We were able to provide that and nothing ever happened.
That's how it should work. Some companies don't work like that.
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