I heard KSKJ is rescinding some policy’s

[jdeasy]

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

I get paid almost every day from KSKJ.

But go on and celebrate.

Things don't happen if you don't know about it.

 

[DonP]

I get paid almost every day from KSKJ.

But go on and celebrate.

Things don't happen if you don't know about it.

Jd i sat here for 18 months and told you Kskj's business model was not sustainable and something would happen . You called me negative this and that . I was correct in the end . Kskj Blamed lower than expected persistency for the termination of many agents . We both know that's bs. It was much higher than expected claims ratio's . Agents as usual take advanatage of aggressive underwriting and they got hit with big claims

 

[jdeasy]

Jd i sat here for 18 months and told you Kskj's business model was not sustainable and something would happen . You called me negative this and that . I was correct in the end . Kskj Blamed lower than expected persistency for the termination of many agents . We both know that's bs. It was much higher than expected claims ratio's . Agents as usual take advanatage of aggressive underwriting and they got hit with big claims

If you say the sky is falling everyday of your life you might eventually be right?

But you are so far off base on this that you aren't even in the ballpark. So go ahead and pat yourself on the back for something that didn't happen.

In your world it took KSKJ 10 year to have to pay claims? What kind of silliness is that?

You are looking for bias confirmation and think you found it. So be happy!

 

[WinoBlues]

They rescinded one of mine last week.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.

Seems, if wide spread, it would be ripe for a class action lawsuit.

How many of those clients were moved from existing non contestable policies? And are now uninsurable on a level basis? 10% or 90%?

If it is a one or two of, not a big deal, except for the clients.

Not normal.

 

[jdeasy]

Seems, if wide spread, it would be ripe for a class action lawsuit.

How many of those clients were moved from existing non contestable policies? And are now uninsurable on a level basis? 10% or 90%?

If it is a one or two of, not a big deal, except for the clients.

Not normal.

Companies can certainly do this and almost all have. This seems to be targeted and widespread.

The class would be if there's bad faith.

Every contract is a covenant of good faith. Every policy is a contract. Every agent has a contract. If there is bad faith then there is no contract.

I don't know how many there are. I personally haven't had one. Doesn't mean I won't.

I've heard of 7. My guess is there's more.

 

[WinoBlues]

I only know of one recission I have had.
That was in 1986 and the guy claimed he didn't know he was paying $500mo for the past year. John Hancock rescinded the policy. There must not been a Vector back then.

I know of Americo and maybe a couple others. But just not a normal practice for an industry that is supposed to be built on trust and guarantees for a future event, death.

I am curious now how many agents have had any company initiated recissions.

 

[DonP]

Ty

I only know of one recission I have had.
That was in 1986 and the guy claimed he didn't know he was paying $500mo for the past year. John Hancock rescinded the policy. There must not been a Vector back then.

I know of Americo and maybe a couple others. But just not a normal practice for an industry that is supposed to be built on trust and guarantees for a future event, death.

I am curious now how many agents have had any company initiated recissions.

I had one with Transamerica in 2016 . It was at the 22 nd month and $440 a month fe policy's on 78 yr old $25k . They said they found out he was a smoker which was bs . That was neat $7k chargeback.

 

[WinoBlues]

Ty

I had one with Transamerica in 2016 . It was at the 22 nd month and $440 a month fe policy's on 78 yr old $25k . They said they found out he was a smoker which was bs . That was neat $7k chargeback.

Yeah, on mine I was 'lucky' I was only at 50% comp. 50% - one of my many early lessons / tuition.

I had moved on by then. They asked for the comp back, I said no, the policy was delivered by my staff manager, I was on a company trip, so it is on you. Never heard back from them.

 

[jdeasy]

I only know of one recission I have had.
That was in 1986 and the guy claimed he didn't know he was paying $500mo for the past year. John Hancock rescinded the policy. There must not been a Vector back then.

I know of Americo and maybe a couple others. But just not a normal practice for an industry that is supposed to be built on trust and guarantees for a future event, death.

I am curious now how many agents have had any company initiated recissions.

Company initiated is a good term. Many of them are agent pushed recissions.

Forethought and 5 Star were notorious for Plan F. Oxford has a terrible reputation about it now. I hear a lot about Foresters doing it too. Americo was always the unquestioned leader.

The only two I've had in my career were Americo and RNA. Both were in error. Americo was the worst. They don't notify you. I found out from my client when she got the check. I told her it had to be error and to not cash the check. It took about a month for Americo to agree that it was in error. They said to send the check back and they would put the policy back in force. BUT!, the lady cashed it anyway and spent it. So hollow victory. I did write her elsewhere and recoup.

RNA did notify me in advance of a potential problem. We were able to get it resolved and no harm done to the customer.

I've heard that Oxford handles it like Americo. The agent finds out well after it's been done.


KSKJ always told me they rarely used it and only then when there was a trigger that made them aware. Like a new application or an agent. I think they were being truthful because you just never heard of them doing it.

Things change. This appears to be a systematic re-underwriting of all contestable policies.

That may not be the case? But that's how it looks from here.

 

[DonP]

Company initiated is a good term. Many of them are agent pushed recissions.

Forethought and 5 Star were notorious for Plan F. Oxford has a terrible reputation about it now. I hear a lot about Foresters doing it too. Americo was always the unquestioned leader.

The only two I've had in my career were Americo and RNA. Both were in error. Americo was the worst. They don't notify you. I found out from my client when she got the check. I told her it had to be error and to not cash the check. It took about a month for Americo to agree that it was in error. They said to send the check back and they would put the policy back in force. BUT!, the lady cashed it anyway and spent it. So hollow victory. I did write her elsewhere and recoup.

RNA did notify me in advance of a potential problem. We were able to get it resolved and no harm done to the customer.

I've heard that Oxford handles it like Americo. The agent finds out well after it's been done.


KSKJ always told me they rarely used it and only then when there was a trigger that made them aware. Like a new application or an agent. I think they were being truthful because you just never heard of them doing it.

Things change. This appears to be a systematic re-underwriting of all contestable policies.

That may not be the case? But that's how it looks from here.

So what your saying I've never seen outside Trans or Americo . I understand if an agent calls in and says the agent lied and didn't list copd or smoker . Or a new app comes in and they rerun mib and Rx and find something they missed . But your saying these company's like RNA and Oxford have MiB plan F and will be notified if an app submitted at another carriers and something bad triggered. Then if any MiB was checked by a carrier using Plan F within last 24 months they're notified . I've never seen or heard of that happening outside of the carriers I've noted . That's interesting that many carriers use that