Got a question about cancelations

[Life Hawk]

I would never sell a $15 policy..

You would sit down and leave 180 AP on the table?

 

[Realdude]

Actually, my first sale was a LH policy (everyone needs to start somewhere). She pays every month with a cashiers check. Not my skills but her dedication.

 

[WinoBlues]

Actually, my first sale was a LH policy (everyone needs to start somewhere). She pays every month with a cashiers check. Not my skills but her dedication.

And the "FE" market?

*

 

[Realdude]

Yes it was FE.

 

[WinoBlues]

Yes it was FE.

Sorry, I was commenting more on the the Market. Meaning if you are prospecting in the "FE" Market I would guess you are going to get more lapses. Especially on direct bill. I would just listen to the guys here and adjust. I would guess they are going to say to eliminate direct bill or at least use it Very discriminating. Fortunately it sounds like these were fairly small cases.

.

 

[goillini52]

A large child moo policy?

I wonder how large the child is?

 

[rousemark]

I said they were polite, didn't I. I'm pretty new to FE also. I think it will be the rare FE policy that gets even to payment one on a direct bill basis. I might be wrong, but I do believe it is rare that a direct bill client sticks for very long at all on the books. Maybe some of the more experienced among us could share their experiences.

Not necessarily true.. However, an agent should never write a direct bill plan that he does not collect the initial premium at the time of sale. In fact, I though most companies required this. If they don't have the money to pay you "today", it means they are living very close to the vest; spending their money as soon as they get it and they won't have the money the next time it comes due. On bank draft, you might gt the draft to clear before they get to their money and spend it. You can't do that with direct bill.

 

[Baseball7]

So then do you take the cash, get a MO and go back to have them sign it? Never and probably will never do it.

 

[WinoBlues]

Not necessarily true.. However, an agent should never write a direct bill plan that he does not collect the initial premium at the time of sale. In fact, I though most companies required this. If they don't have the money to pay you "today", it means they are living very close to the vest; spending their money as soon as they get it and they won't have the money the next time it comes due. On bank draft, you might gt the draft to clear before they get to their money and spend it. You can't do that with direct bill.

Remember when you always had to pick up a check, some times for two months.

 

[Life Hawk]

Remember when you always had to pick up a check, some times for two months.

Yep, that was the most awkward part for me. However, those tended to stick.