- 396
After a pending policy shows inforce what is the turn around time on getting paid?
Monumental
- Thread starter SouthernComfort
- Start date
- 397
My experience with them on FE was GREAT! They were my favorite carrier. I would always be paid within a day or two at the most from the date of approval.
- 19,647
Depends on you IMO. With some IMO's they pay on approval. With others they don't pay until the first draft clears the bank.
This is on advanced business. On as earned business they pay once a month and the first payment is the month after the payment was received.
- 298
Does anyone know the "rewrite"policy for Monumental? I wrote a monlife policy a little over 2 years ago and it stayed in force till july of 2012. It was 18 months in force when it lapsed. Last month the client calls and wants go get it back in force. They could not afford to pay 8 months in back premium so I wrote a new plan. The premium was a few dollars more obviously. Monlife only paid commissions on the increase in premium. I have not run into this before though I have not rewrote many cases. Is this a new policy with them or has it always been this way?
I would imagine that would normally be the case. You've already been paid on the new biz.
- 298
Yes I see their reasoning very well on rewriting a case. Years ago when I worked for a captive company they had a 6 month rewrite rule. If a case had been lapsed for fully 6 or more months and a new case was written full commissions were paid. I just wondered if anyone knew what the time period with Monlife was. I will call commissions and find out.
- 17,072
In those situations it's best just to start the new one with a whole different company.
I had a case where someone had Continental Life of Brentwood Med Sup for several years. After a rate increase the same agent wrote them with MOO. I came along and sold them FE and they told me they always liked Continental better. I switched them to American Continental which had rates close to their MOO.
I didn't get paid on it. The MOO agent got the commission because he was their original Continental agent. I argued that he put them with MOO and I brought them back to Continental but it fell on deaf ears.
Ever since then, I know to never start someone new with the same company.
- 298
Good point Newby. Live and learn I guess. That mistake will not happen again here. Different subject. Is that an Australian Shepherd in your pic?
- 17,072
No that is a Bernese Mountain Dog. Great breed of dog for a couch potato like me.
I had an Australian Shepherd that I rescued but he was way too hyper for me. I couldn't wear him out and he was always trying to herd us. Luckily someone that had rescued his brother wanted two of them real bad so he's with a family that is a better fit.
The Bernese is just about a perfect dog. Never barks. Never tears anything up. He's just a giant teddy bear. I take him to my insurance office every day and he just lays around. Our clients come in to see him more than to see me.
- 19,647
I didn't know that was Mon's policy on paying the agent. I had one that was that I was going to reinstate last year after being lapsed for about 3 months. That lady didn't want to backpay either and Mon was the only company I had taking credit cards so i put her back with them.
There was a ton of forms that they made me fill out to make sure she was surrendering the old policy, {that had lapsed}. I found that to be a big waste of time but they said she could come back and reinstate it without those forms. My question to them was "so what if she does?". They said they had maximum coverage limits. To which my reply was, yes, but the old policy was $10,000 and the new one one is $10,000. She is allowed $25,000 on the SIWL. Their reply was, "do the forms anyway or we won't issue the policy".
I'm as earned with them so I don't know how they paid on it or if they would have stopped me me at 12 months total. She has since let that one lapse so I don't know what would have happened.
Some companies pay you again on a rewrite. Americo has a 4 year rule where they won't pay you except on the difference if the new premium is higher.
There was a ton of forms that they made me fill out to make sure she was surrendering the old policy, {that had lapsed}. I found that to be a big waste of time but they said she could come back and reinstate it without those forms. My question to them was "so what if she does?". They said they had maximum coverage limits. To which my reply was, yes, but the old policy was $10,000 and the new one one is $10,000. She is allowed $25,000 on the SIWL. Their reply was, "do the forms anyway or we won't issue the policy".
I'm as earned with them so I don't know how they paid on it or if they would have stopped me me at 12 months total. She has since let that one lapse so I don't know what would have happened.
Some companies pay you again on a rewrite. Americo has a 4 year rule where they won't pay you except on the difference if the new premium is higher.
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