I get a lead card, visit prospect who is a GI prospect only, due to recent cancerous tumor being removed but excellent prognosis and otherwise quite healthy. Proceeds to tell me he has applied for a Globe policy but also has 2 policies with company A, one of which for a small amount he has had for years and one of which purchased recently which is a 3 year ROP. He tells me the Globe people called about a question he answered "no" to, he gave them the corrected answer and they said they would be back to him. He was adamant about waiting for Globe's response so I told him they would be declining him and I gave him a quote for a GI with company B and told him I would check back with him.
I checked back a week later, coincidently right after he got the letter from Globe declining him. He then proceeds to tell me he had been thinking about my quote and decided he was going to take my policy offering which had been intended to be in lieu of the Globe application, and cancelled the latest policy he had purchased from company A which I can certainly understand since my quote would give him twice the coverage for the same price and a 2 year ROP vs his current 32 months.
And the dilemma is, as you probably know where I'm going, company B does not allow replacements in my state. Company B said all they need to see is the box checked "no" on the application as to it being a replacement and my state insurance dept says they would probably still consider it to be a replacement even if I did it 5 years down the road, however as long as I got something signed stating he knows exactly what he is doing they would be fine with it as long as it was in his best interest. Approx. $1700AP, thoughts? Sorry so long!
I checked back a week later, coincidently right after he got the letter from Globe declining him. He then proceeds to tell me he had been thinking about my quote and decided he was going to take my policy offering which had been intended to be in lieu of the Globe application, and cancelled the latest policy he had purchased from company A which I can certainly understand since my quote would give him twice the coverage for the same price and a 2 year ROP vs his current 32 months.
And the dilemma is, as you probably know where I'm going, company B does not allow replacements in my state. Company B said all they need to see is the box checked "no" on the application as to it being a replacement and my state insurance dept says they would probably still consider it to be a replacement even if I did it 5 years down the road, however as long as I got something signed stating he knows exactly what he is doing they would be fine with it as long as it was in his best interest. Approx. $1700AP, thoughts? Sorry so long!
