NAA

[NHB_MMA]

If you contact those people in violation of your agreement you could be sued. If it's a very small block of business most likely you'd simply get a warning shot with a cease and desist letter from a NAA attorney. If you're talking about flipping a large block you might get a knock on your door with "you've been served."

What if they call me? Thats how I got the idea. I got a call yesterday from one of my old clients.

I would suspect if it's an isolated incident, I wouldn't worry about it, but you probably can't get away with flipping your entire book. If the person truly did call you and you did not initiate the contact, I would think you won't be in hot water, but if you replace the whole book of business, then they're going to know something is up.

 

[NHB_MMA]

This is just my own belief too, but I would not hesitate to replace a company such as MEGA, if I contacted former clients.

My response would be:

I should be the one suing the f**k out of you people. You're the ones that took someone with no industry experience and trained them to say "miscellaneous expenses are usually the lowest part of the hospital bill" and that "room and board in a hospital usually runs about $200 per day". On top of this, you never mentioned I should look into E&O coverage after systematic training to deceive the customer. I removed them from their old policies to protect my liability issues as a sole proprietor, which was deliberately hidden from me during the recruiting and training process. So, in essence, f**k you!!! If you want to come after me legally, do want you will, but I'll contact all legal regulating bodies about my liability concerns and I'll contact every media outlet from the local paper to "Dateline" about your efforts to thwart my attempt to protect my customers from potential bankruptcy.

 

[Crabcake Johnny]

Just be prepared when you pull a move that like because you're calling the company's bluff and I can assure you the fur will fly. I speak from experience. I was flipping my Mega book got promptly contacted by their attorney. I ended up going to the DOI and got their attorney involved. Mega wrote the Maryland insurance commission a letter to get my license revoked and also wrote Assurant's legal deparment to get my appointment removed. It got as dirty as it could get so if you don't have the stomach for that kind of BS they I suggest you simply move on.

 

[NHB_MMA]

Just be prepared when you pull a move that like because you're calling the company's bluff and I can assure you the fur will fly. I speak from experience. I was flipping my Mega book got promptly contacted by their attorney. I ended up going to the DOI and got their attorney involved. Mega wrote the Maryland insurance commission a letter to get my license revoked and also wrote Assurant's legal deparment to get my appointment removed. It got as dirty as it could get so if you don't have the stomach for that kind of BS they I suggest you simply move on.

Obviously, everything ended up okay for you. So what was it that got them to back-off?

I'm sure there are other outfits out there that have every bit as many holes in their coverage and deceptive marketing tactics, but MEGA is the only one I've had bad experience with. I just honestly worried about my own ass once I learned how inadequate those policies were...and the well-being of the customer...but I immediately felt sick about the potential liability I was walking around with. I truly do believe someone out there should organize a classaction suit representing former agents against MEGA for this deception. I certainly would have looked into suing my training managers and the company itself had I been nailed for a judgment.

Even when I was with NHIC, which did have major medical coverage, the maternity benefit was only $3000 total. I was trained to tell prospects that this amount should cover "almost all the bill" and I sold it to a young couple that was planning to have another child in the next couple years. It makes me feel sick I did that.

It just disgust me these practices go on. It amazes me, as someone who is now a registered representative, how the securities products I represent are so highly regulated by comparison. Why? Why do I have to jump through extensive hoops when cautioning someone on a variable product, compared to the garbage some of the junk health companies peddle. Yes, I know the logic is you can really hurt someone when you screw up their retirement. Well, when you attempt to file bankruptcy for that 100K+ medical bill they can attach it to your retirement. So, the hard work you've put into an IRA, 401K, SIMPLE, etc. is tapped into, if not tapped out. Yet, not everyone is suited for a VUL or annuity, the two variable products protected from creditors. The moral of the story is you can *$#& up someone's retirement just as easily by selling them a junk health plan.

 

[realistagent]

What about sharing your prior companies book with another agent.I would think that a mutually beneficial arrangement could be worked out, say between two agents. Trading clients, commission split etc.

Obviously this would have to be done very discreetly with someone you absolutely trusted.

 

[Crabcake Johnny]

Just be prepared when you pull a move that like because you're calling the company's bluff and I can assure you the fur will fly. I speak from experience. I was flipping my Mega book got promptly contacted by their attorney. I ended up going to the DOI and got their attorney involved. Mega wrote the Maryland insurance commission a letter to get my license revoked and also wrote Assurant's legal deparment to get my appointment removed. It got as dirty as it could get so if you don't have the stomach for that kind of BS they I suggest you simply move on.

Obviously, everything ended up okay for you. So what was it that got them to back-off?
.

We agreed to leave each other alone. They don't need the legal hassles or the bad press and I don't need the legal fees and tons of wasted time in depositions and court.