Imerica Health Insurance in Receivership

[somarco]

re: Imerica Health Insurance

Let them buy Imerica and move on. As a friend says, you can't fix stupid.

 

[moonlightandmargaritas]

re: Imerica Health Insurance

Cant believe they had less then $5m, but they will sell life time max of $5m. Makes no sense to me.

Also the company is reinsured by Munich Re America. It is one of the worlds largerst reinsurance companies given an A+ rating by A. M. Best.

I guess I am trying to find out if these guys are worth anything...I understand that they are not rated, but come on, I feel that these people are going to get hit hard if something happens!

Looks like you need a little Health Insurance 101...

No company would put their assets at risk of claims. Nearly ALL health insurers use extensive re-insurance to cover claims north of a certain number.

For that reason, ratings are not that critical for health insurers.

That being said, I do not, and would not sell Imerica.

Somarco had the best advice...move on.

 

[bcbroker]

re: Imerica Health Insurance

I remember one of my Colorado agents had some client with a major pre-ex condition. Assurant, GR and World were gonna terrorize him but Imerica said it would be standard and beat their rates. I told him they'd be out of business within a year. Then went under 2 months later.

This should be a major clue! I know some of the people involved with Imerica, I used to work with them at Time Insurance Co. (Assurant Health ). I believe that Imerica is seriously underfunded for the health insurance business. I have seen this situation many times before in the past 30+ years. Steer Clear!

 

[Crabcake Johnny]

re: Imerica Health Insurance

It's not about why an agent would write Imerica - it's why they wouldn't write with any of the other 1st tier carriers in that state. If it's just based on getting more commission those agents should think about doing their clients a favor and just sell used cars.

 

[bcbroker]

re: Imerica Health Insurance

I had someone call me the other day that was looking at health insurance and they were contacted by ??? and was selling them on Imerica! I tried to tell them that Imerica was not a rated carrier and their total assets were less then $5M. ???sent them a letter saying this..

"Currently, the company has 29 distinguished investors that range from private individuals to private organizations that are generally in the healthcare, insurance and banking industries. Imericas largest investor and financial services partner is FirstBank, Colorado's largest locally owned community bank with over $8million in assets. Also the company is reinsured by Munich Re America. It is one of the worlds largerst reinsurance companies given an A+ rating by A. M. Best. Due to the fact Imerica Life and health insurance company is a highly regulated entity by each state division of insurance offices in every state that we are currently licensed in, we are required to provide financial stability to the levels set forth by each respective state regulation".

I had her go to our states department of insurance and she called them...and they said that they get tired of agents sending them to the department of insurance to hear crap like this. I guess I am trying to find out if these guys are worth anything...I understand that they are not rated, but come on, I feel that these people are going to get hit hard if something happens! We are have access to every carrier in out state, but I told them that our E&O would not even cover us if we sold Imerica. If anyone has valid information, I am all ears!

The agent told them that we had NO idea what we were doing and that they had a solid pan with a solid carrier. I have talked to other agents in regards to Imerica, and they said that they would not touch them, but I cannot find enought evidence.

Thank you!

To those who need evidence to change their opinions, There is usually never enough! Call your E&O carrier and give them specifics. Also, What makes an investor "distinguished"? do realize that by your very statements about all of these investors plus a bank, and one reinsurer, that this company is put together by strings and glue? I realize that many agents out there do not understand funding requirements and reserves, but I do believe that most are capable of telling the difference between Insurance and a trust agreement, doesn't the "fact" that they left some markets and re-entered them later give you any clues as to their stability? or that they underprice high risk cases give you ant cause for concern? I can't begin to tell you how many times I've seen this before, and the outcome is always the same, The insurer leaves, and people have problems.

 

[STIBROKER]

re: Imerica Health Insurance

I have picked up several clients in the Dallas area because of this thread and the same goofball shoving this plan down their throat....seems someone is getting big bonus's for selling this goofy plan.....people do a google search for Imerica and it seems this thread is in the top 5....

 

[somarco]

re: Imerica Health Insurance

people do a google search for Imerica and it seems this thread is in the top 5....

You need to send Val some scotch (or wine, or whatever he drinks) in appreciation . . .

 

[STIBROKER]

re: Imerica Health Insurance

Yea the american health underwriting bunch is pushing the plan hard...must be haveing a sales contest to unload this plan....here is the reason I do not sell it and recommend to my clients....it is a certificate off a master policy...which means they can do what ever they want to you because you are not the owner of the master policy just a owner of a certificate off the MP....and check out the arbitration clause they have....this means if they do not want to pay a claim you are giving up your right to sue in court to get them to pay the claim....so if your in texas and someone is trying to sell you this plan CALL ME 512-260-0856...

http://www.imerica.com/files/Imerica_StandardBrochure_03_08wellness.pdf

 

[SC Local LAH Agent]

re: Imerica Health Insurance

They have been here in SC for a few years now. I am not sure what I saw but I saw something I liked in their plans so I am appointed with them and have their quote software downloaded. I have looked at them many times for younger clients but never offered them once. I guess that says something.

 

[JNJ]

re: Imerica Health Insurance

I really appreciate all the feed back. I normally would just move on, but for some reason, this Imerica crap really rubs me the wrong way and the way the agent presented this. Tired of agents making the honest ones look bad.

Thanks again!