Need Clarification on Replacemnt PLZ

[KarenW]

I was wondering if any one can tell me if the State Of Conneticuit requires a replacement form. I have 4 carriers tell me no and one carrier ( Monumental) who I have a pending app with is telling me they do. I have called the DOI and left multiple messages with legal.I checked their DOI site and pulled up the regulation posted
Sec. 38a-435. (Formerly Sec. 38-147a). Regulations re replacement of or borrowing on life insurance products, policies or contracts. The Insurance Commissioner may make regulations governing the sale or offer of sale of life insurance products, including annuities, when such sale or offer involves the replacement of existing policies or contracts or the borrowing on or lapsing of such existing policies or contracts. Such regulations may prescribe (a) the form in which such offer or proposal should be made; (b) the form of notice to the insurance companies involved; (c) the questions to be contained in application forms for life insurance products pertaining to existing insurance; and (d) the form of notice to the purchaser. The commissioner may suspend or revoke the license of any insurance producer violating any such regulation."
There is nothing in here that they do do just that they may make regulations regarding. Ive searched for amendments and found none. Any clue? I really dont want to have to drive from Oh to Ct to get a new app and generic ( not state specific) signed.

 

[jdeasy]

I was wondering if any one can tell me if the State Of Conneticuit requires a replacement form. I have 4 carriers tell me no and one carrier ( Monumental) who I have a pending app with is telling me they do. I have called the DOI and left multiple messages with legal.I checked their DOI site and pulled up the regulation posted
Sec. 38a-435. (Formerly Sec. 38-147a). Regulations re replacement of or borrowing on life insurance products, policies or contracts. The Insurance Commissioner may make regulations governing the sale or offer of sale of life insurance products, including annuities, when such sale or offer involves the replacement of existing policies or contracts or the borrowing on or lapsing of such existing policies or contracts. Such regulations may prescribe (a) the form in which such offer or proposal should be made; (b) the form of notice to the insurance companies involved; (c) the questions to be contained in application forms for life insurance products pertaining to existing insurance; and (d) the form of notice to the purchaser. The commissioner may suspend or revoke the license of any insurance producer violating any such regulation."
There is nothing in here that they do do just that they may make regulations regarding. Ive searched for amendments and found none. Any clue? I really dont want to have to drive from Oh to Ct to get a new app and generic ( not state specific) signed.

I don't know anything about that specific state law, but it is not state specific if you did a replacement. A replacement form must be completed and signed if there was a replacement.

The difference comes in if there is no replacement when the person does have insurance.

For example, in Indiana I only have fill out a replacement form if there is a replacement involved. However, in Ky I have to fill out a replacement form anytime the person has existing life insurance even if they are keeping that policy. I write "no replacement involved" on the form and I have to sign it as well as the applicant. They also have to be given a copy of it.

So, if you replaced you must get the form. If you did not and they do have insurance then you do have a question on the regulations.

 

[rousemark]

This was the proposal to adopt the regulations.. If it was adopted and I assume it was, then there are state specific forms that need to be completed.

http://www.ct.gov/cid/lib/cid/Propo...placement_of_Life_Insurance_and_Annuities.pdf

 

[moonlightandmargaritas]

I really dont want to have to drive from Oh to Ct to get a new app and generic ( not state specific) signed.

Have you heard of this thing called mail?

 

[Todd King]

Karen, since you've taken the Monumental app in person already, just send the client the replacement form via email, fax, or snail mail. Get him to sign it and send it back to you the same way.

 

[VolAgent]

One of the best rules I was taught in insurance.

Insurance companies never complain that you got too many signatures or filled out too many forms. When in doubt, get it signed.

A good rule of thumb, if there is existing coverage whether being replaced or not, get a replacement form signed. Just tell them the state requires it for their protection.

 

[jdeasy]

One of the best rules I was taught in insurance.

Insurance companies never complain that you got too many signatures or filled out too many forms. When in doubt, get it signed.

A good rule of thumb, if there is existing coverage whether being replaced or not, get a replacement form signed. Just tell them the state requires it for their protection.

That's a good point. It's better to have it and not need it than to need it and not have it.

I did one this week where I wasn't sure it was needed because it was in Indiana and he was unsure if he was going to replace. I told the guy that if they didn't need it I wouldn't send it to the company.

 

[Norwayguy]

One of the best rules I was taught in insurance.

Insurance companies never complain that you got too many signatures or filled out too many forms. When in doubt, get it signed.

A good rule of thumb, if there is existing coverage whether being replaced or not, get a replacement form signed. Just tell them the state requires it for their protection.

Wanna bet. I submitted a replacement for on a great American tsa6 which is technically a group product. The carrier said since there was no individual product replaced .they wanted a new replacement form showing no replacement and the app corrected for no replacement. Talk about a hassle to get it waived.

 

[VolAgent]

Wanna bet. I submitted a replacement for on a great American tsa6 which is technically a group product. The carrier said since there was no individual product replaced .they wanted a new replacement form showing no replacement and the app corrected for no replacement. Talk about a hassle to get it waived.

That is a first. Although I probably would have called in on that one before sending it in.

 

[Norwayguy]

That is a first. Although I probably would have called in on that one before sending it in.

Never thought about it. It's an individually sold policy and I totally forgot it was technically a group policy. It was funny as I had 4 other rollovers from the same contracts with that carrier at the time it was only 1 suitability person that looked it up. I still send in the replacement form because its only been an issue once and It's easier than having to argue I don't need to mark it as a replacement.