I heard KSKJ is rescinding some policy’s

[DonP]

Some agent friends who've gotten a few policy's rescinded said they're rerunning Rx checks with their new Rx vendor as they missed some rx's that would have cause certain polcy's to be declined .This on policy's within the 2 yr contestable period .I Think its bs when carriers do this .I remember Trans and America did this with mib rechecking the mib within that 2 yr period to rescind policy's .

 

[jdeasy]

Some agent friends who've gotten a few policy's rescinded said they're rerunning Rx checks with their new Rx vendor as they missed some rx's that would have cause certain polcy's to be declined .This on policy's within the 2 yr contestable period .I Think its bs when carriers do this .I remember Trans and America did this with mib rechecking the mib within that 2 yr period to rescind policy's .

I don't know of a company that doesn't do this. I first learned they could do that 20 years ago when some friends had SF polices rescinded. Americo is notorious for it. As was 5 Star and Forethought when they were in business.

 

[DonP]

Correct but these 3 carriers are looking for it . 99% of carriers don't rescan their whole book of business after the fact . 99% of carriers never relook at the business once issued unless there's a contestable claim. Thats bs and underwriting after policy issue

 

[jdeasy]

That's not true. Almost every company that subscribes to MIB also buys Plan F.


I don't know of a company that hasn't done this.


But I agree, it's terrible that companies can do this.

 

[DonP]

jd I've been writing for 14 yrs . I assure you all 1000's of policys I wrote 50 or more lied on the app just like all agents have had . I have no idea what carriers have mib plan f but I do know Transamerica and americo are the only 2 carriers that have ever rescinded a non claim policy on me . I've never heard another agent say rna, am am am , Trinity etc rescinded a non death claim policy

 

[jdeasy]

jd I've been writing for 14 yrs . I assure you all 1000's of policys I wrote 50 or more lied on the app just like all agents have had . I have no idea what carriers have mib plan f but I do know Transamerica and americo are the only 2 carriers that have ever rescinded a non claim policy on me . I've never heard another agent say rna, am am am , Trinity etc rescinded a non death claim policy

They all have.

 

[Rick Lee]

They rescinded one of mine last week. But the only condition this woman had was totally accepted by KSKJ at the time, even have an email from the boss telling me it was ok. I'm waiting to find out what their reason was. This will destroy what's left of KSKJ's reputation. Richly deserved too.

 

[DonP]

They rescinded one of mine last week. But the only condition this woman had was totally accepted by KSKJ at the time, even have an email from the boss telling me it was ok. I'm waiting to find out what their reason was. This will destroy what's left of KSKJ's reputation. Richly deserved too.

Theres no question there feeling the effects of super agressive underwriting with market low rates . Incontestable claims are kicking in now as slack underwriting digging in . We as agents take advantage of all situations as long as they last . Many carriers kep rates the same the last few yrs as inflation skyrocketed . This underpricing of the product has caused several carriers to close shop

 

[jdeasy]

Theres no question there feeling the effects of super agressive underwriting with market low rates . Incontestable claims are kicking in now as slack underwriting digging in . We as agents take advantage of all situations as long as they last . Many carriers kep rates the same the last few yrs as inflation skyrocketed . This underpricing of the product has caused several carriers to close shop

Nothing to be happy about.

 

[DonP]

Nothing to be happy about.

Yes I'll be very happy starting wed as my $200 k plus of aep deposits starts hitting !!!!! It still sticks in my mind you holding that $10k cash bag from Kskj. lol lol