free look info on the policy?

Jun 9, 2007

  1. trvlnut
    Offline

    trvlnut Super Genius

    Posts:
    102
    Likes Received:
    0
    I just received my first policy from GR for a client. I am looking for the free look time-frame. Does someone know where I can find it in the policy?
     
    trvlnut, Jun 9, 2007
    #1
  2. somarco
    Offline

    somarco That Medicare Expert Guy

    Posts:
    29,005
    Likes Received:
    2,598
    State:
    Georgia
    Try the front page . . . big, bold print.

    You can't miss it.

    Or maybe you can . . .
     
    somarco, Jun 9, 2007
    #2
  3. trvlnut
    Offline

    trvlnut Super Genius

    Posts:
    102
    Likes Received:
    0
    Big and Bold?:D

    Not here. I am looking at the front page, where it states, "Agreement and Consideration." Can't see it anywhere. Gotta tell ya, I have read it 3 times.
     
    trvlnut, Jun 9, 2007
    #3
  4. somarco
    Offline

    somarco That Medicare Expert Guy

    Posts:
    29,005
    Likes Received:
    2,598
    State:
    Georgia
    GA policies have it on the very first page, 2 paragraphs above the signature by Patrick Carr.

    Since I don't write in AZ I can't help you.
     
    somarco, Jun 9, 2007
    #4
  5. trvlnut
    Offline

    trvlnut Super Genius

    Posts:
    102
    Likes Received:
    0
    Thanks Somarco. There is no mention of the free look period on mine. It states that if the first month's premium isn't paid then the policy is void. Since they sent a check in for the first months premium, I guess it isn't void.

    I'll call GR tomorrow.

    Thanks all.
     
    trvlnut, Jun 10, 2007
    #5
  6. somarco
    Offline

    somarco That Medicare Expert Guy

    Posts:
    29,005
    Likes Received:
    2,598
    State:
    Georgia
    According to this site, MOST policies have a free look. This may not be a requirement, and may not include all policies.

    I find that unusual . . .

    http://216.239.51.104/search?q=cach...k insurance policies&hl=en&ct=clnk&cd=2&gl=us

    Most individual health insurance policies have a “free look”
    period, generally from 10 to 30 days, during which they can
    be returned for a full refund if you are not satisfied. After that
    period you most likely will not be able to get a refund.
     
    somarco, Jun 10, 2007
    #6
  7. salpro22
    Offline

    salpro22 Guru

    Posts:
    1,961
    Likes Received:
    27
    State:
    Texas
    Personally, I feel the need for a 10 free look period to be a waste of time if you are doing things ethically. If you are doing a great job educating your client they should willingly accept the policy with whatever method the insurance carrier requires.
     
    salpro22, Jun 10, 2007
    #7
  8. trvlnut
    Offline

    trvlnut Super Genius

    Posts:
    102
    Likes Received:
    0
    I think I am being ethical. I didn't know she was on meds for HC before she submitted the app. She also has HBP so they put a couple of riders on the policy. The free look is there for her to have a choice whether she wants to accept the policy that includes riders. Why should she have to accept the riders if it's perfectly legal for her to cancel the policy?

    I am looking at other carriers to see if they will up-rate her instead. She also qualifies for a portability plan.
     
    Last edited: Jun 12, 2007
    trvlnut, Jun 11, 2007
    #8
  9. salpro22
    Offline

    salpro22 Guru

    Posts:
    1,961
    Likes Received:
    27
    State:
    Texas
    My comment wasn't directed at you regarding your business ethics. It was directed at the forum. I'm aware of what the free look period is for and still maintain my position. In essence, that is used to make consumers feel warm and fuzzy and also protect insurance companies from future liability, as well as brokers who did not fully divulge certain facts because he or she can say, "they had X number of days to read the policy and then accept the policy based on the insurance companies requirements."

    Are you explaining to your clients how the claims review process works?
     
    salpro22, Jun 11, 2007
    #9
  10. Frank Stastny
    Offline

    Frank Stastny Guru

    Posts:
    7,069
    Likes Received:
    19
    State:
    Florida
    I agree, however, not all agents are as diligent about informing prospects regarding the meaning of all of the "fine print" in a policy. If they were all as responsible as you and others here, agents wouldn't have the "bad name" that is conjured up when one hears, "he's an insurance agent".

    What is it that "they" say? "Everyone is BS'ing except you and me and sometimes I'm not too sure about you". hahaha

    If I'm not mistaken, it is dictated by the Missouri Dept of Insurance that there must be a 30 day "free look" on all insurance policies.
     
Loading...
Similar Threads
  1. JGold814
    Replies:
    2
    Views:
    763
  2. Taco
    Replies:
    3
    Views:
    680
  3. pcbinsurance
    Replies:
    0
    Views:
    1,047
  4. timsip
    Replies:
    0
    Views:
    925
  5. Yagents
    Replies:
    32
    Views:
    6,269