Received a Flyer... what Company

[Jerard]

Well Florida does sux, but its not cuase of 5Star!

Hey now...dems fightin' words. We gots better oranges, better Disney, better rednecks, better sinkholes, more old people...

HA !!

 

[TDFnCali]

Hey now...dems fightin' words. We gots better oranges, better Disney, better rednecks, better sinkholes, more old people...

HA !!

"Better" rednecks? Oxymoron? I'll pass on reliving the movie "Deliverance".

Sent via my Sprint Galaxy S4 using Insurance Forums

 

[jdeasy]

OK....your apps are different than mine (FL). Mine have no "no temporary insurance" to check, or not check. The conditional receipt also says not to leave it if the 1st prem hasn't been paid.

Dang...would have been nice to offer 30 days free coverage. Fla sux...

The app is not different. This is about 5 Star and they say you are to leave the temporary insurance agreement if they have authorized a payment. That's even if you do not collect money with the app.

And it's not a conditional receipt. It is temporary insurance.

You can chose any day of the month for auto draft as long as it's the 1st thru the 28th. That's for checking, savings and CC payments.

The claim of them issued within 48 hours is pretty bogus. Yes, it will happen sometimes but more times than not it will take longer.

 

[HoosierLife]

The app is not different. This is about 5 Star and they say you are to leave the temporary insurance agreement if they have authorized a payment. That's even if you do not collect money with the app.

And it's not a conditional receipt. It is temporary insurance.

You can chose any day of the month for auto draft as long as it's the 1st thru the 28th. That's for checking, savings and CC payments.

The claim of them issued within 48 hours is pretty bogus. Yes, it will happen sometimes but more times than not it will take longer.

I did not know about the temp ins. That's nice to know. Do I have to have the client and I sign the last page?

 

[Jerard]

The app is not different. This is about 5 Star and they say you are to leave the temporary insurance agreement if they have authorized a payment. That's even if you do not collect money with the app.

And it's not a conditional receipt. It is temporary insurance.

As far as leaving the temporary insurance page, the attached scan says different.

I believe the terms "temporary" and "conditional" are synonymous.

 

[Jerard]

Do I have to have the client and I sign the last page?

It would be best to call 5-Star and ask what the rules/laws are with your state, or even call you state's DOI directly. Better safe than sorry on this one, me thinks.

 

[Pete Cormie]

As far as leaving the temporary insurance page, the attached scan says different.

I believe the terms "temporary" and "conditional" are synonymous.[/QUOTE

I'm glad you're not my lawyer.

 

[Jerard]

As far as leaving the temporary insurance page, the attached scan says different.

I believe the terms "temporary" and "conditional" are synonymous.[/QUOTE

I'm glad you're not my lawyer.

Both terms describe that point in time that begins with the payment of the 1st premium (cash/check/or money order) and ends upon the official policy issue date. This means that the company will pay assuming that the application is ultimately approved by the insurance company. With regards to this time period both these terms mean that: "If the application is approved you are covered from the date and time you paid the 1st premium. If the application is not approved then you only get back the first premium (should death occur during this time period).

This may not be true in other industries but with regard to life insurance, it does. I believe 5-Star is simply using a term easier to understand. "Temporary" seems to sound better than "Conditional".

 

[jdeasy]

As far as leaving the temporary insurance page, the attached scan says different.

I believe the terms "temporary" and "conditional" are synonymous.

Temporary and conditional are the not the same thing.

The applications I use say the same thing as the one you put here. I was not leaving the TIA when I wrote an app with a future draft because of what that says. I was told by 5 Star that I was doing it wrong. An authorization to draft was the same thing as collecting money. They even sent out a email blast about it.

Since then I have been giving everyone the TIA and checking yes that I gave it on the application. I rarely collect the first premium.

I know it says differently on the application but I'm now doing as 5 Star instructed and there has been no problems.

I do agree that the agent should contact 5 Star for clarification just as I did.

 

[Jerard]

Temporary and conditional are the not the same thing.

The applications I use say the same thing as the one you put here. I was not leaving the TIA when I wrote an app with a future draft because of what that says. I was told by 5 Star that I was doing it wrong. An authorization to draft was the same thing as collecting money. They even sent out a email blast about it.

Since then I have been giving everyone the TIA and checking yes that I gave it on the application. I rarely collect the first premium.

I know it says differently on the application but I'm now doing as 5 Star instructed and there has been no problems.

I do agree that the agent should contact 5 Star for clarification just as I did.

OK...I was talking about cash with app and not a draft. This is defiantly an advantage over other companies.