Old Mutual/ F&G Changes are coming
- Thread starter Mark
- Start date
- 111
A Friend Of Mine With Naa Said That Would Be There New Focus.
- 1,953
They just brought back Value Select Term...Yet anything today is possible.
You can lay a lot of stuff off on NAA, but not this.
Carriers do some incredibly stupid things without the help of agents.
Remember Manhattan Life?
Probably not. Before your time.
They used to guarantee issue group life on small (10 lives) groups up to $500,000.
Didn't take that gig long to vaporize.
Then we had (in no particular order) Union Mutual issuing DI on docs up to $20k per month, Baldwin United paying double digit returns on annuities guaranteed for 5 yrs or so, Executive Life offering killer term rates . . . the list goes on.
F&G has been writing non-med life for years, long before NAA discovered them. Other carriers tried copying and quickly got into trouble and exited while F&G kept on writing.
Couldn't happen to a better carrier if you ask me. Never liked those folks.
Carriers do some incredibly stupid things without the help of agents.
Remember Manhattan Life?
Probably not. Before your time.
They used to guarantee issue group life on small (10 lives) groups up to $500,000.
Didn't take that gig long to vaporize.
Then we had (in no particular order) Union Mutual issuing DI on docs up to $20k per month, Baldwin United paying double digit returns on annuities guaranteed for 5 yrs or so, Executive Life offering killer term rates . . . the list goes on.
F&G has been writing non-med life for years, long before NAA discovered them. Other carriers tried copying and quickly got into trouble and exited while F&G kept on writing.
Couldn't happen to a better carrier if you ask me. Never liked those folks.
- Thread starter
- #6
- 2,103
I still like the idea of laying stuff on NAA, it's just fun to do...
I looked at NAA, when i didn't know any better. This guy was the "Agency Manager" in Tampa.
CFO SINK: PASCO COUNTY COUPLE ARRESTED FOR STEALING NEARLY $200,000 FROM AN 89-YEAR OLD WOMAN
Florida Chief Financial Officer Alex Sink announced the arrest of a Pasco County couple for allegedly deceiving an 89-year-old woman out of nearly $200,000 and using it toward the purchase of a million dollar home.
The couple faces four felony charges: grand theft over $100,000, crimes against the elderly, conspiracy, and operating an unlicensed and false entity as a conduit to defraud their victims.
“This is a horrendous example of two people who preyed upon a senior who trusted them with her life savings,” said CFO Sink. “I commend our insurance fraud detectives for their work in going after criminals who defraud our seniors and bringing them to justice.”
John W. Morehart, 51, of New Port Richey allegedly approached 89-year old Mary Nusser as a licensed stock broker and convinced her to invest in a hedge fund. At John Morehart’s request, Nusser signed over a blank check which was to be invested in the fund. Instead, the check was made out to his wife, Debra Morehart, 50, for $199,000 and deposited into the couple’s joint checking account.
Authorities believe the Morehart’s were aware of a prior settlement paid to Mary Nusser, in the amount of $199,000, from dealings with another insurance agent who sold her unsuitable annuities.
Over an eight month period, the couple wrote over $135,000 in checks from their joint account, using the money for a down payment and renovations on a $1.7 million Lake Tarpon home. The couple continued to provide fraudulent monthly statements to Nusser showing a rise in her investments, though no such hedge fund ever existed.
Neither of the Moreharts has ever possessed a securities license. The department has information indicating John Morehart solicited over 30 victims in Florida.
The Department of Financial Services, Division of Insurance Fraud, investigates insurance agents and agencies concerning violations of the Florida insurance regulations. Anyone with information about this or any other suspected insurance fraud is asked to call the department's Fraud Fighters Hotline at 1-800-378-0445 or log on to www.MyFloridaCFO.com/fraud.
CFO SINK: PASCO COUNTY COUPLE ARRESTED FOR STEALING NEARLY $200,000 FROM AN 89-YEAR OLD WOMAN
Florida Chief Financial Officer Alex Sink announced the arrest of a Pasco County couple for allegedly deceiving an 89-year-old woman out of nearly $200,000 and using it toward the purchase of a million dollar home.
The couple faces four felony charges: grand theft over $100,000, crimes against the elderly, conspiracy, and operating an unlicensed and false entity as a conduit to defraud their victims.
“This is a horrendous example of two people who preyed upon a senior who trusted them with her life savings,” said CFO Sink. “I commend our insurance fraud detectives for their work in going after criminals who defraud our seniors and bringing them to justice.”
John W. Morehart, 51, of New Port Richey allegedly approached 89-year old Mary Nusser as a licensed stock broker and convinced her to invest in a hedge fund. At John Morehart’s request, Nusser signed over a blank check which was to be invested in the fund. Instead, the check was made out to his wife, Debra Morehart, 50, for $199,000 and deposited into the couple’s joint checking account.
Authorities believe the Morehart’s were aware of a prior settlement paid to Mary Nusser, in the amount of $199,000, from dealings with another insurance agent who sold her unsuitable annuities.
Over an eight month period, the couple wrote over $135,000 in checks from their joint account, using the money for a down payment and renovations on a $1.7 million Lake Tarpon home. The couple continued to provide fraudulent monthly statements to Nusser showing a rise in her investments, though no such hedge fund ever existed.
Neither of the Moreharts has ever possessed a securities license. The department has information indicating John Morehart solicited over 30 victims in Florida.
The Department of Financial Services, Division of Insurance Fraud, investigates insurance agents and agencies concerning violations of the Florida insurance regulations. Anyone with information about this or any other suspected insurance fraud is asked to call the department's Fraud Fighters Hotline at 1-800-378-0445 or log on to www.MyFloridaCFO.com/fraud.
- 7,790
Yeah, I received an email from an IMO stating that a whole bunch of annuity products from Old Mutual will be discontinued as of December 15th.
I also received an email from another IMO stating that Fort Dearborn Life will not accept any apps from 12/5/08 to 1/5/09. They will disconnect their phone system on 12/8/08 and they do not provide policy status information on their website. The reason stated was a 3 week backlog in processing apps.
I also received an email from another IMO stating that Fort Dearborn Life will not accept any apps from 12/5/08 to 1/5/09. They will disconnect their phone system on 12/8/08 and they do not provide policy status information on their website. The reason stated was a 3 week backlog in processing apps.
- 9,744
How was this guy able to keep his Florida insurance license?
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