I heard KSKJ is rescinding some policy’s

[jdeasy]

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

That's exactly what Plan F is. And I don't know of a company that subscribes to MIB that doesn't also subscribe to Plan F. Plan F is a like a rider to MIB.

KSKJ is using Milliman. As are many others. I don't know what they call their Plan F but I'm sure they have the same kind of procedure available. Except worse.

Funny thing, at death the companies don't trust these same procedures. That's only for the living. At death they require actual medical records from doctors to determine if they will pay.

If you haven't been aware of this then this is your peek behind the curtain moment.

 

[WinoBlues]

Things change.

Absolutely Fact.

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

In error I read that as contestable _claims_ at first. What a cluster that would be.

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

Ah the memories. I used to do a lot of defense of replacement and helped replaced clients recind bad replacements. Started out doing JNL v AL Williams, then Annuities replacements. Delivering that charge back hell to bad actors. Loved doing it in person across the kitchen table. I was in my 30s a bit pugnacious.

Hopefully the KSKJ thing is just a couple and not an exit strategy.

 

[scagnt83]

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 John Hancock rescinded the policy.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.

None here.

I do know that the fully UW carriers who have fluidless programs, are ordering electronic medical records randomly to audit the programs and see how honest the Insureds have been on the apps.

A HO exec told me that "in theory" they could rescind if a big issue was found. But that is not the goal of the program.

He then admitted it has happened to a "handful" of large policies. Then went on to tell a story about a rescinded $10m 30y term where the person had cancer and lied about it on the app. Nothing on the RX because they did holistic treatments.

 

[jdeasy]

None here.

I do know that the fully UW carriers who have fluidless programs, are ordering electronic medical records randomly to audit the programs and see how honest the Insureds have been on the apps.

A HO exec told me that "in theory" they could rescind if a big issue was found. But that is not the goal of the program.

He then admitted it has happened to a "handful" of large policies. Then went on to tell a story about a rescinded $10m 30y term where the person had cancer and lied about it on the app. Nothing on the RX because they did holistic treatments.

Seems it would be harder to do on FU than FE. But one company told me it was equal. I still don't believe that but that was their story.

 

[WinoBlues]

None here.

I do know that the fully UW carriers who have fluidless programs, are ordering electronic medical records randomly to audit the programs and see how honest the Insureds have been on the apps.

A HO exec told me that "in theory" they could rescind if a big issue was found. But that is not the goal of the program.

He then admitted it has happened to a "handful" of large policies. Then went on to tell a story about a rescinded $10m 30y term where the person had cancer and lied about it on the app. Nothing on the RX because they did holistic treatments.

Cancer - Yeah, I am sure the client just forgot.

 

[Tahoe Ray]

Annuities replacements. Delivering that charge back hell to bad actors.

This will get you put on some kind of hit list lol.

 

[WinoBlues]

This will get you put on some kind of hit list lol.

I literally had a couple of local FE guys threaten to come and attempt to rearrange me. The annuity guys were a slimy bunch. Some real shady stuff.

 

[tikibarrister]

But...but...with this move, isn't KSKJ cutting off its fraternal brothers and sisters? Doesn't this violate "its core mission of helping its members and families, focusing on purpose, rather than profits".



It's almost like KSKJ behaves like a plain old insurance company...

 

[Life Hawk]

But...but...with this move, isn't KSKJ cutting off its fraternal brothers and sisters? Doesn't this violate "its core mission of helping its members and families, focusing on purpose, rather than profits".



It's almost like KSKJ behaves like a plain old insurance company...

...more like the relative you are sure is no relation at all. You know, the one that lives in "the house with many doors."

And, in thier defense, they have a complicated name... however; they are succeeding in making it much worse.

 

[Tahoe Ray]

I literally had a couple of local FE guys threaten to come and attempt to rearrange me. The annuity guys were a slimy bunch. Some real shady stuff.

Annuity guys were also getting nailed with 10s of thousands of chargebacks.

I had a broker whose client died less than a year into the VA that he put them in. Owed the carrier 42k. He was mad at the carrier lol.