Oxford Life? Who, What...

[NSRH]

Transamerica/monumental has been that way for more than 10 years. As has Foresters. Actually Foresters is better now than it used to be. It's 13 months now. It was 24 months for many years.

And Foresters used to 100% charge back any terminations in the first 6 months. lapse, death, etc. If the insured didn't keep it 6 months the agent was charged back 100%. They don't do that now. So that's better.

Oxford says this has always been their rule. But they make up rules on the fly and don't inform the agents until you violate that unknown rule so they may not be truthful on saying it's always been that way?

Wow, and here I was just writing away! The devil is in the details, as "they" say.

 

[Norwayguy]

Transamerica/monumental has been that way for more than 10 years. As has Foresters. Actually Foresters is better now than it used to be. It's 13 months now. It was 24 months for many years.

And Foresters used to 100% charge back any terminations in the first 6 months. lapse, death, etc. If the insured didn't keep it 6 months the agent was charged back 100%. They don't do that now. So that's better.

Oxford says this has always been their rule. But they make up rules on the fly and don't inform the agents until you violate that unknown rule so they may not be truthful on saying it's always been that way?

Question do they tell you were in the contract or commission schedule this rule is?

 

[Rearden]

Im seeing more and more companies cut, or even not pay, commissions on customers who have lapsed or terminated at anytime in the past with the same carrier.

I had an otherwise totally healthy lady in Alabama doing a point of sale interview with Standard Life And Casualty last year, who was declined inexplicably.

I called Underwriting, spoke with the head underwriter, and was told she was declined because MIB reports showed she had applied for coverage with other carriers no less than 8 times over the past 12 months!!

I then placed her with Family Benefit for the approval.

She called in to cancel the following month.

 

[Baseball7]

Dave, I like that Americo will do something similar. They'll ask for a resolution to any recent MIB hits, recent apps you probably didn't know about.

 

[jdeasy]

Question do they tell you were in the contract or commission schedule this rule is?

No. They tend to make those rules up as the wind blows.

 

[VolAgent]

I had an otherwise totally healthy lady in Alabama doing a point of sale interview with Standard Life And Casualty last year, who was declined inexplicably.

I called Underwriting, spoke with the head underwriter, and was told she was declined because MIB reports showed she had applied for coverage with other carriers no less than 8 times over the past 12 months!!

I then placed her with Family Benefit for the approval.

She called in to cancel the following month.

Nothing like driving through the road closed sign.

Did you ask her about all those applications and what was her response?

 

[jerryrut]

Newby, these posts go back a couple of years, have they made any changes for better or worse?