I Need to Know if There is an Out for My Client

[Lifeman09]

Situation is basically he is contracted with a life company through a broker. The broker stole from him and so he wants to move his contract. The company states that he needs to stay in it for 18 months before he can move and he doesn't believe he has been with them for that time. The chances of him getting a release from the broker is not likely because the broker is a crook. Any thoughts?

 

[djs]

???? Is your client an agent?
If not, simply cancel the policy and write it elsewhere (the other way around).

Dan

 

[Lifeman09]

Yes sorry, The gentleman is an agent contracted with a life company through a broker.

 

[Death Cab For Tootie]

I'm no English major, but is there a way that OP could be any more nebulous?

How's about some details? We don't need names, but how is the broker a crook? What does your contract say?

 

[Lifeman09]

basically the contract with the insurance agency states that you can t switch the carrier of your contract for 18 months usually its 6 months if you dont write any business but for whatever reason this company is 18 months. The only way out early, according to the rules of these contracts, is to get a release from who ever has your contract in this case the broker.

The Broker stole commissions, basically it was an annuity case that my agent and the broker wrote together. Im not exactly positive how the writing process goes on an annuity but basically it was suppose give out so much on commission which it did but the broker said it didnt and had the agent send him money for the override if I am remembering my terminology correctly. The broker then pocketed the extra money from the agent and split the commission the agent was suppose to get with a family member.