For years I have had the insurance company run current illustrations for my client annually. Recently my client decided to surrender his ul policy.
A recently run current illustration provided by the insurance carrier shows that he should have $9000 additional guaranteed value than his actual surrender value.
Apparently, the illustration information was inputted wrong by the insurance company and may have been wrong for the last several years. These illustrations were sent to my client and me by the insurance carrier
Has this happened to anyone else? My GA tells me it does happen a lot and there is nothing one can do.
How can trust any illustrations if this is true, especially trust policies?
Wouldn't the insurance company be liable for the discrepancy? if so, how?
How does an insurance agent protect himself from this?
A recently run current illustration provided by the insurance carrier shows that he should have $9000 additional guaranteed value than his actual surrender value.
Apparently, the illustration information was inputted wrong by the insurance company and may have been wrong for the last several years. These illustrations were sent to my client and me by the insurance carrier
Has this happened to anyone else? My GA tells me it does happen a lot and there is nothing one can do.
How can trust any illustrations if this is true, especially trust policies?
Wouldn't the insurance company be liable for the discrepancy? if so, how?
How does an insurance agent protect himself from this?