I heard KSKJ is rescinding some policy’s

[jdeasy]

Assuming agents were not writing a lot of young healthy people into an FE policy. Some of these people are going to be harder to place level or at all. Then what? And restarting the contestable period.

Did an agent solicit my elderly grandmother and talk her into cashing out her Whole Life policy? Did the agent ask all the questions? Did they misinterpret a question? Did the agent rewrite/ churn prior clients? Does the agent or agency have a track record of marketing to and preying on the poor and vulnerable? Will E&O defend the agents even if the suits are frivolous?

Could the company be looking for a way to hang this on a group of agents or an agency?

If it is just a few cases probably not going to be a big deal. If a lot, it could be a real mess.

Everything is not always the agent's fault.


Personally, I didn't approve anyone with KSKJ or with any other company.


In fact, I argued with KSKJ that they were approving people better than I had quoted them and better than they qualified for.

They got annoyed with my telling them that and said flatly "we are comfortable with the decisions"

And I wasn't the only one. I can name at least 5 agents that had that same conversation with them.

To come now with a different response is not just wrong it's probably illegal.


And for agents to blame agents is just as wrong.

 

[WinoBlues]

Everything is not always the agent's fault.

I don't believe anyone has implied that.
However, an attorney may broad brush.

And for agents to blame agents is just as wrong.

JD, I don't think anyone is doing that in this situation. I would not be surprised is that company doesn't try to lay it on agents. We are an easy scapegoat.

On the other hand, some agents bash other agents from some particular companies or agencies. Just bring up any MLM, LH or Primerica. While I believe we absolutely should call out bad actors, I agree broad brushing is wrong.

 

[Rick Lee]

Everything is not always the agent's fault.


Personally, I didn't approve anyone with KSKJ or with any other company.


In fact, I argued with KSKJ that they were approving people better than I had quoted them and better than they qualified for.

They got annoyed with my telling them that and said flatly "we are comfortable with the decisions"

And I wasn't the only one. I can name at least 5 agents that had that same conversation with them.

To come now with a different response is not just wrong it's probably illegal.


And for agents to blame agents is just as wrong.

Those are the exact words I was told when my first insulin user was approved select, but I had quoted standard and he was fine with it. I called to let an UW know there must have been a bug in the app software and was told, "We are comfortable with it." I still have some emails with those words in them too. Sure, I had some sketchy ones get through too, but the two they rescinded I'm pretty sure were rock solid and honest apps.

 

[Rick Lee]

Did an agent solicit my elderly grandmother and talk her into cashing out her Whole Life policy?

You know there will be cases where a KSKJ victim received a rescission letter, their agent is out of the business or non-responsive and some other agent will get in there. What would you say to such a person if you were never contracted with KSKJ, they told you they have no idea why they were canceled, deposited the check and need to get back into another policy? Of course, you'd write them.

I replaced two five month old LH policies yesterday, one was graded, where the couple had been unable to reach their agent to get him to explain what graded meant. They said they had called and called and just gave up. It was a laydown sale for about $140/mo level for both of them.

 

[WinoBlues]

Recissions - absolutely I would rewrite it. I would actively offer to rewrite the recissions even if they were not mine. Hell, I'd buy that list.

And yes, I would and have replaced cases. Just not the norm for me. Different market.

I think I didn't word my post well. I was posting what I would argue or what I believe an attorney would argue on a class action. Also how that Fraternal could lay blame on the agents. Not saying it is right.

I believe this is on the company.

Are they still actively writing business?

 

[Rick Lee]

The death knell for this BS is KSKJ's welcome letter with policies, certificates, actually, that states they can never be canceled for any reason other than failure to pay premiums. At least in AZ, that is iron-clad contract law, not an oral or handshake thing, and KSKJ would not fare well in a court here, if/when it comes to that. KSKJ did eventually amend that language, but the two of mine they rescinded had that original language in the packet and these two customers had never missed a payment.

 

[closing time]

SBLI is now also rescinding policies in some cases a year after it's been issued.

 

[jdeasy]

SBLI is now also rescinding policies in some cases a year after it's been issued.

Someone better tell DonP and Rouse!! If they don't know about it then it didn't happen.

 

[rousemark]

Someone better tell DonP and Rouse!! If they don't know about it then it didn't happen.

Reading comprehension would be your friend JD. Didn't say it wasn't happening, just said I had never had it happen nor did I know of any agents who had it happen to them. Had never heard of it until I saw it posted on the forum about Trans, Forethought, 5 Star. Come to think of it, all these companies along with KSKJ have been your GOTO companies at one time or another. You sure know how to pick winners.

 

[Rick Lee]

SBLI is now also rescinding policies in some cases a year after it's been issued.

I had an SBLI death claim a few mos ago. SBLI never told me about it, never charged me back and, while it was level coverage and a totally honest app, the insured's elderly mother told me SBLI just told her the policy was less than two years old, so they gave her ROP.