Foresters Death Claim?
- Thread starter jdeasy
- Start date
Saves them a lot of money. They don't have to spend the money on underwriting and then when the person dies they can try to find a reason to deny the claim.
- Thread starter
- #13
- 19,648
Foresters does an MIB check, a script check and a POS interview. They shouldn't get a pass on declining at the time of claim.
- 3,764
Agreed. Don't understand how they wouldn't pay a claiim if an individual passes all three phases of their application process
- 1,930
Isn't the script check the only one that's really worth anything. As I understand it, MIB is info from life insurance companies, not any medical profession or even health insurance companies I believe. Not all insurance companies contribute and the ones that do the only good info they have is from an APS if they do one. Applicant my not have submitted any other applications. A POS is info from the applicant like the application. I don't know the working of the script check but if they get their info from all pharmacies as I understand then that would be a good database. Does mail order rx from Canada get in the database?
- 115
wrote a policy with Bankers Life in 92 didn't get to deliver it the policy man passed away in few days , they paid the claim in few days , it was like 20K the teen age daughter was shocked , she kept in touch till i moved to WA in 99 , although I parted ways with Bankers in 93 its one of those memories of me starting out in this business, I am almost sure if they would have denied the claim I would have not kept my insurance career. been blessed with not having a claim denied . I can see how this would be hard on new agents . my best
- 397
JD, please keep us posted. I haven't had a claim with Foresters yet, but I'm greatly interested in your experience with this claim.
- 1,199
I had a Foresters client die on me about a month after I wrote a 25,000 FE in October 2011.The strange thing is I have not been charged back yet but I just received the request to complete an agent questionnaire because the the claim is being contested.This is the first time i have ever been requested by any life company to do this and I have been selling insurance a long time.
I haven't researched this because I just assumed I would but I will be charged back whether they pay the claim or not right?
- Thread starter
- #20
- 19,648
You will be charged back any unearned portion of your advance. You will not be charged back the earned portion if the claim is paid. If it's not paid you will be charged back everything paid.
You have never had a client die in the contestability period? Every company I've ever been contracted with have said that they contest 100% of claims in the contestability period.
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