FMO contract question MA Plans

May 8, 2008

  1. Cheech
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    What are your thoughts? experiences?

    Currently am signed up with an FMO for evercare in Massachusetts.
    When I got appointed about 2 years ago, and filled out all paperwork with FMO just had Massachusetts licensce.

    I have recently got my licensce in Rhode Island since then. My fmo does not know this, and I have not been appointed/ certified in Evercare since I have received my licensce. I have not produced any business in RI.

    I have been offered a better contract with another FMO for RI. Can I have a different agent numbers for RI and Massachusetts? Instead of having to wait the 6 months(or more). I have been told I can by some people, and been told I cant by others. All higher up people that work with Evercare.

    Wondering what your thoughts are?

    Thanks in advance
     
    Cheech, May 8, 2008
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  2. theinuranceguy
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    No you cant, I have heard this happen before with Humana, but Secure Horizons will not allow you to have dual numbers, I used to be a principle with an FMO and we had one agent try this, we did not release him, and he couldnt do it...

    Make sure to get a release in writing before you sign anything, we didnt release this guy because he free looked an annuity with another company...
     
  3. senior-advisor-indiana
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  4. Bob_The_Insurance_Guy
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    Call the insurance company, and ask them. Each one has a different period of time. I'm stuck with Coventry at Parker and Associates (I now know how a Rape Victim feels like) because I keep writing their Advantra Freedom Product, which is very good.

    Pyramid had a six month window, but I have yet to write one of theirs. Come September, I'll find an FMO that screws me the least, and write Pyramid through them.

    Good luck.
     
  5. retread
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    Yes. This is the way to do it. One of my FMOs told me that the FMOs get together at conferences from time to time and discuss these issues. He says that they are trying to standardize this release issue. Most, but not all FMOs stand by a 6 month rule now (no production, no charge-backs), but this has been slowly changing over the last couple of years.
     
    Last edited: May 8, 2008
    retread, May 8, 2008
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  6. Cheech
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    Senior,

    You said you can do this.

    Wondering if you are speaking from experience, and could let me know how you went about doing this.

    Thanks in advance
     
    Cheech, May 13, 2008
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  7. The Rabbi
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    I got fed up with The Assurance Group and got the owner on the phone. I informed him that I would file a million dollar lawsuit against him for incompetence (or whatever the term for stupidity is) if I didn't get a release. He immediately had his CFO email me a release and then offered to jump my contract by 50%, putting me direct.
    :laugh:
     
  8. senior-advisor-indiana
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    Cheech,
    Sorry, I was just being a smart ass. I have no idea if you can but my guess would be no that you cannot. It would be nice if you could.
     
  9. theinuranceguy
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    Senior a smart ass? Noooooo
     
  10. senior-advisor-indiana
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