- 4,118
Haven't had a paper copy of anything in 3+ years
How long are we required to keep the hard copies of life applications
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- 4,983
I believe your E&O carrier would disagree & in a court case you would likely lose if you had no documents to support your work product. I would not rely on carrier to supply my defense material
On a positive note, the insurance application becomes part of the contract & should be in the back of the policy.
Industry advice from naifa & E&O generally suggest you keep on file(paper or electronic) all documents created by you the agent for as long as the file is active & for 5-7 years after it goes inactive
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- 5,917
Exactly. As long as you're keeping copies of your clients' policies, you also have the app.
- 2,375
I go back to original post - if you digitize stuff, why worry about how long you keep stuff for - just keep everything.
In addition if you are not digiting document - Why are you in this business?
In addition if you are not digiting document - Why are you in this business?
- 5,917
The down side to the information found in policies, is that it doesn't include banking information. I like to keep account info on financials. It puts you in the drivers seat when you are confirming banking info as opposed to asking for it.
I am really having a rough time on these e-apps keeping the info I want. I use a "green sheet" (shout out to @WinoBlues for help on that) to keep that info, but I find I have to stop the app and write down the info on the sheet. It's probably just me, but it seems to start and stop the flow of the app for me. I already find the electronic stuff awkward during the interview, the flow is much different than paper... however; the back office stuff is great.
What are some of you doing to preserve information on your clients at the time of the app?
- 26,077
If the app does not have a review PDF and save feature, I print to PDF. Or simply take a cell picture of the screen same as I do with their ID, check and meds.
On the ID, I had a daughter 'forget' she was there when I wrote her dad. So I sent her a copy of her and his DL, and void check on top of the app. Then she remembered.
Green sheet - Thank you for expanding it and making it fillable. I have changed it a bit again.
- 4,983
Just he careful, retaining some of this info can be against carrier policy & even insurance or privacy laws.
But I totally agree it can be helpful
I just download the app when I'm done and store it securely on my cloud storage (Citrix Sharefile).
EFT form is downloaded as well.
- 10,805
Most states have their own requirement for apps or policies or documents being retained by an agent. In SC, if I remember correctly, "records" must be retained for 5 years. What exactly counts as a "record" is not specified. lol
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