No.. I think that was Newby.. He served on their Advisory council for a couple of years so he had some inside information and personal contact with the decision makers.
Foresters is done with Voice Sig
- Thread starter suranceman
- Start date
Columbian has essentially the same product and has always pushed it without any requirement of writing other business.. They did increase the ROP period to three years instead of two to increase the margins but I think a lot of that was brought about by the fact they write ages 25-85 on it. Not many companies go down that young on their GI/quasi GI plans.
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Gotcha. I struggle to think of a more profitable product than near GI with GI pricing. Which I believe described Bronze. A few questions, but not a lot, but the pricing was right in line with GI. You get rid of the biggest issues, and you still pay ROP plus interest for 2 or 3 years. In fact, I would think more volume would be better as it would smooth out mortality and help absorb the few they end up paying on.
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I don't know how it is these days, but Columbian Home Service used to limit GI when Tony Cositore was running the division. Agents were writing Citizens Security, but bringing all the sick clients to Columbian GI, and he didn't like that. Tony eventually left Columbian and went to Settlers, which is when they started limiting Bronze. They never had before, so I assume he influenced that decision.
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Sentinal just basically did this not in limiting new vantage II and III production but slashing comp on them.
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When did that happen? I thought NV II was only a 5% comp cut?
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Another example of carriers either tightening underwriting, lower comp, or exiting the business? Lots of carriers are struggling, probably because the premium is not high enough to cover risk?
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Yes I do believe this. Settlers is just the most recent example.
Im not trying to make this a personal attack against indy agents. Im simply stating facts.
When you have an agent, who only places adverse business with a carrier, and only healthy business with another, it ruins the product line. Do you disagree with that?
Another note... not a personal attack, just fact.... Indy agents make up VERY little in the premium written in FE, and indy agents are the only one shopping rates, not customers.
Furthermore, large companies like SL or LH do not see indy agents as their competition, the expiration date on them only lasts a couple of months.
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You may be too young to remember Kodak film co. When I was a kid they had pretty much a monopoly on cameras and film and camera supplies. They didn't evolve with the competition and kinda got left behind.
Just because a business model is profitable today doesn't guarantee it will be profitable in the future. Look at Settlers, Shenandoah, and others I don't even know of.
And companies like SL and LH appreciate the brokers. After all it's the brokers who are exploiting weaknesses in the competition's underwriting. It's the brokers that are weakening the infrastructure and finances of the competition, much like termites could do to a house. After awhile the house starts to crumble and then fall down into a heap of rubble. Settlers, Shenandoah, 5 Star, maybe Foresters on the horizon?
Below is info I copied and pasted from google:
Below is a partial list of companies that have been taken over by state insurance departments ("placed in receivership") since NOLHGA's creation in 1983. The list includes impairments (those companies that have been taken over but have not gone out of business—also known as companies in rehabilitation), which appear with an asterisk next to the name, and insolvencies (those companies that have been closed or "liquidated" by the insurance department). Policyholders or their relatives who discover old insurance policies can often find information about the issuing companies in this list. For more information about a particular company, click on the underlined company name.
This section only lists cases in which NOLHGA has participated—NOLHGA usually becomes involved when policyholders in more than three states are affected by an impairment or insolvency. If you are interested in a company that does not appear on the list, please contact your state life & health insurance guaranty association or insurance department.
To search a more comprehensive list of insolvencies, including smaller insolvencies for which at least one state life & health insurance guaranty association was triggered, use the search box below:
If you are interested in a company that does not appear on either list, please contact your state life & health insurance guaranty association or insurance department.
If you are not sure if a deceased family member or close relationship had any insurance policies, the National Association of Insurance Commissioners (NAIC) website offers a Life Insurance Policy Locator Service for help in locating life insurance policies and annuity contracts.
Click here to order the list by year.
Year Company State
2000 American Chambers Life Insurance Company OH
1994 American Educators Life Insurance Company AL
1993 American Integrity Insurance Company PA
1997 American Life Assurance Corporation AL
2016 American Medical and Life Insurance Company NY
2017 American Network Insurance Company PA
1998 American Standard Life & Accident Insurance Company OK
1997 American Western Life Insurance Company UT
1992 AMS Life Insurance Company AZ
1993 Andrew Jackson Life Insurance Company MS
2000 Bankers Commercial Life Insurance Company TX
2007 Benicorp Insurance Company IN
2010 Booker T Washington Insurance Company, Inc. AL
1998 Centennial Life Insurance Company KS
1996 Coastal States Life Insurance Company GA
1994 Confederation Life Insurance Company (CLIC) MI
1994 Consolidated National Life Insurance Company IN
1994 Consumers United Insurance Company DE
2015 CoOportunity Health IA
1992 Diamond Benefits Life Insurance Company/Life Assurance Company of Pennsylvania AZ
1994 EBL Life Insurance Company PA
1991 Executive Life Insurance Company CA
2013 Executive Life Insurance Company of New York NY
1999 Family Guaranty Life Insurance Company MS
2000 Farmers and Ranchers Life Insurance Company OK
1992 Fidelity Bankers Life Insurance Company VA
1992 Fidelity Mutual Life Insurance Company * PA
1991 First Capital Life Insurance Company * CA
1997 First National Life Insurance Company AL
1999 First National Life Insurance Company of America MS
1999 Franklin American Life Insurance Company TN
1999 Franklin Protective Life Insurance Company MS
1991 George Washington Life Insurance Company WV
2011 Golden State Mutual Life Insurance Company CA
1992 Guarantee Security Life Insurance Company FL
2010 Imerica Life and Health Insurance Company AR
1991 Inter-American Insurance Company of Illinois IL
1999 International Financial Services Life Insurance Company MO
1993 Investment Life Insurance Company of America NC
1994 Kentucky Central Life Insurance Company KY
2003 Legion Insurance Company PA
2004 Life & Health Insurance Company of America PA
2008 Lincoln Memorial Life Insurance Company TX
2004 London Pacific Life & Annuity Company NC
2013 Lumbermens Mutual Casualty Company IL
2009 Medical Savings Insurance Company IN
1991 Midwest Life Insurance Company LA
1994 Monarch Life Insurance Company * MA
1993 Mutual Benefit Life Insurance Company NJ
1991 Mutual Security Life Insurance Company IN
2000 National Affiliated Investors Life Insurance Company LA
1995 National Heritage Life Insurance Company DE
2010 National States Insurance Company MO
1993 New Jersey Life Insurance Company NJ
1994 Old Colony Life Insurance Company GA
1992 Old Faithful Life Insurance Company WY
2009 Old Standard Life Insurance Company ID
2004 Old West Annuity & Life Insurance Company * AZ
1994 Pacific Standard Life Insurance Company CA
2017 Penn Treaty Network America Insurance Company PA
2001 Reliance Insurance Company PA
2015 SeeChange Health Insurance Company CA
2012 Standard Life Insurance Company of Indiana IN
2005 States General Life Insurance Company TX
1999 Statesman National Life Insurance Company TX
1994 Summit National Life Insurance Company PA
1995 Supreme Life Insurance Company of America IL
1993 Unison International Life Insurance Company OK
2013 Universal Health Care Insurance Company, Inc. FL
2010 Universal Life Insurance Company AL
1998 Universe Life Insurance Company ID
2003 Villanova Insurance Company PA
2004 Western United Life Assurance Co. * WA
- Thread starter
- #50
- 924
The only reason you guys try to promote your captive model is because you hate the charge backs you know you get due to independents offering your clients a better deal.
That's not going to change no matter how much you want it to.
That's not going to change no matter how much you want it to.
