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That's why the app looks eerily familiar.
Family Life Med Sups?
- Thread starter jdeasy
- Start date
That's why the app looks eerily familiar.
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Another eerie occurrence: My writing number for Assured/Woodmen is the same as my MOO number!
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Does MOO underwrite Admiral as well? I seem to recall another "hot" supp company from a few years ago that they underwrote and am thinking it may have been them.
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Does MOO underwrite Admiral as well? I seem to recall another "hot" supp company from a few years ago that they underwrote and am thinking it may have been them.
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MOO also reinsures Lincoln Heritage Life (my favorite med supp comany).
Rick
Rick
When a company has a re-insurance agreement with another company they do not underwrite the individual cases that I know of anyway. They do however have input into the underwriting standards as far as the application design and telephone interviews. The re-insurer can also push the insured company to take a rate increase to shore up it's reserves. Admiral blamed MOO for their fast and substantial rate ups in Missouri. MOO re-insurers most of the smaller companies that AIMC has come out with over the past five years.
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No, no not at all.
Even the largest and "deepest pocket" carriers use reinsurance extensively. It's just another risk management technique.
True to a certain extent. Even the largest carriers use it when they could be faced with large claims, but in "this" market (the key word in my statement) the likelyhood of a carrier having even a $100k claim is very remote. I'm pretty sure that the big boys such as Blue Cross, Mutual of Omaha, Humana are not buying re-insurance for med-supp claims.
Like I said... you take a carrier like Admiral (owned by a few "good ole boys" in Georgia) that doesn't have any real reserves to speak of and it would be impossible for them to enter the market without re-insurance. A $100k claim for them would be like a $1m claim to MOO.
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I have found that working in the senior market is totally different than selling any other kind of insurance.
Many times it is difficult for an agent who does not specialize in Medicare Supplements to fully comprehend all of the differences. They try to equate Medicare Supplements with other kinds of health insurance and I personally think it is like trying to compare apples and oranges.
It is a very common among almost all agents who have never fully explored Medicare Supplements to have difficulty understanding all of those differences.
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Several months ago an agent from this Forum warned of Fraternal Organizations who fall outside of the state insolvency funds. If we are going to make wild assumptions that Mutual or Stock MedSupp carriers are somehow immune from insolvency (i.e. COSECO) and that reinsurance agreement are guaranteed renewable for life (i.e. PTNA), then we had better make sure we understand the state funds and how Fraternals are excluded.
I see your point, but I'd guess that 100% of Conseco's claims got paid by Conseco during the transition. There is a CMS Right and Protection that gives beneficiaries a 100% ability to get a new plan from another carrier if their carrier goes tits up. Look at Shenandoah... no word about claims not getting paid. State funds like you mention are more in play on the "health insurance" side of the market than the med-supp side.
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Is Family Life rolling out in all states? I'm wondering about Michigan
