Hoping to swing my first deal!!!

[James]

I wouldn't worry too much about such nonsense. Even according to John his method of them signing if they choose an inferior product wouldn't of help in this situation because they didn't buy anything. Do any of us have all prospects that decline to purchase sign off on what they were offered? I seriously doubt it, I don't see a good way of filing and keeping up with such nonsense. This story was about one main issue, it had nothing to do with what we were talking about or any such issue of selling insurance.

This story is all about E&O Insurance and the provisions and exclusions, in other words have you read your exclusions on your E&O lately? Yet though since one of my main products is LTCi I think I'll see if I my E&O covers in the case of a law suit brought by a third party. I never would of imagine a case like this would be given any credit, seriously doubt it would 99% of the time. Outside of that I really don't see what one can do to protect themselves agains nuisance suits and Judges that may have a anx against Insurance.

Yet if you're with NYL, I imagine they have coverage that will suffice in about any situation on you. If you are independent like others here then you have to really view this issue and see ways of coping with such issues. Personally I have a planner and all apointments go down and the result of all apointments, I suppose this will have too suffice, I just can't imagine having everyone I talk to about LTC that don't buy and asking them too sign something, since that would be about 9 out of 10 and then that headache of filing and keeping up with them. Yet though the story simply doesn't go into how far along the sales process was and why the Parents of the son didn't buy, it could of been they did but the Agent did a lousy job in underwriting or sending in the app or just numerous mistakes on his part that cause the Contract to be decline.

 

[James]

I have in mind to do a similar thing with life insurance saying I recommended X amount but the client opted for Y amount and I have advised that Y might be inadequate. I don't know if NYL will like me making up a disclaimer, but I'm not comfortable not doing it.

Or just fill out the Agents Note Section, some when dealing with this also write a letter about the sale and attach it to the contract, that way the Insurance Company will do the filing for you.

 

[James]

Okay, this is getting interesting. Been in a fog all day, wife is gone for a week along with my son so I'm sitting here thinking I should be doing something like maybe sleeping?

Yet though let me mention this about the story that I just notice, this guy that was sued is a Register Rep., meaning that he held fudiciary responsibliltiy which I'm sure in the end carried the weight with the Judge. I was confused about this at first but I'm thinking that is the only thing that makes sense?

Yet though lets get back to Insurance and the uses of Insurance. Some say that Life Insurance is only about the DB, which is fine and all but demanding others to follow this mindset shouldn't demand others to take such a narrow view of how the Insurance Contract can be used. As in the example I'm now going to give. Let me know if this is okay with any version some may have about L/I.

LTCi can be quite complicated such as Asset Protection and traditional LTCi. For some this isn't a good fit, so I go in and offered up a W/L Policy from Company A. They have a favorable LTC Ryder that can be built into their W/L Contract, meaning that a portion of the DB (much like Asset Care via GR) can be collected as a Living Benefit in the case of need of LTC. Yet using the W/L Contract they have a built in C/V and a DB that is there if they don't use the LTC Ryder. In other words I say this, "Instead of the Use it or Lose it, I can offer you a Use it now or let it grow via C/V or DB". One can do the same thing with Annuities, for those that have assets to protect, of course these same people may or may not want a continuing premium payment so a Single Pay tends to be popular in this usage of the W/L Contract.

So according to some and the beleif that L/I is L/I and that is it, should understand that "Usage" is in the eye of the beholder. Now this is only one way that the W/L and Annuity is being used, there are numerous other ways that one can use it.

 

[Crabcake Johnny]

There is a zero chance in 100 that I can get sued if a client chooses not to sign up for health insurance after I present it.

You have to watch articles like the one linked because it does not give you the entire transcript of the trial and is most likely bent towards whatever point the author was trying to get across.

His brief synopsis of the case was probably 5% out of 95% of the evidence. I can guarantee you there was a lot more to that story then the author is disclosing.

 

[MIBizInsurance]

The point of that article wasn't any more then "you can be sued for anything"

I mentioned this as NHB posted -

"The best yet was my recruiting manager telling me to look the other way on a potential forgery, but "don't say anything, because you'll be fired". Maybe I'll rant about that in a separate thread"


One of my clients set up a profit sharing some 30 years ago and an employee is suing him. Why, because he was not given a chance to pick out investments and contribute. The man left the company with 600k and did not put in a single penny. The sad thing is this gentleman never had a IRA or other savings vehicle. The owner has now set up a qualified retirement plan with all the bells and whistles. He matches a very small amount and the employes pick up the expense of the plan .
The above biz owner is closing up shop soon and he is totaly dismayed with the above.

This owner gave away millions of dollars and is getting screwed.

The whole point in a simple nutshell- be carefull.

 

[Crabcake Johnny]

No - you cannot sue for anything. The court has to allow the case - hence the courts shooting down lawsuits that would have sued fast food chains.

 

[MIBizInsurance]

I think you/we get the point.

The clients he is going after or at least should be can handle legal fee's.

 

[James]

Well obviously I can't keep up with the proverbial jumping bean of a discussion. I don't know if I should address the issue of "Can Be Sued for Anything", "E&O Provisions" and or "Life Insurance is only about DB"???

Yet in the end its about a person trying to make in what he is reporting as maybe not the best enviroment. Yet everything I know about NYL it is a outstanding enviroment to sell Life Insurance. Good Company, Good Products, Good Training programs etc etc... It would be a shame if a few bad apples is damaging upcoming Agent/Agents of this NYL Office.

 

[STIBROKER]

SOOOOOOOOOO.....what happened to the big deal.......

 

[NHB_MMA]

SOOOOOOOOOO.....what happened to the big deal.......

Uh........."call me in mid-November" :roll:

In my defense, the first word in the title says "hoping".