SNL won't tell you why the policy was rescinded? I called Columbian and asked why the claim I submitted was denied last week and they told me. The lady did not tell me or the person doing the PHI that she had a heart attack. She may have not known, but I find that hard to believe since she was hospitalized.
Security National Policy Rescind
- Thread starter Speck
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- #12
Haven't called as I didn't think they would give me that information. Guess it really doesn't matter as they've investigated for the past 5 months now and examined medical records. I'm sure they were able to find something that wasn't disclosed. He had open-heart surgery 2 1/2 years earlier and was taking Clopidogrel as a maintenance drug, but that was listed on the app. There shouldn't have been any medications that would have been an issue as they would have seen that when doing their prescription check. Smoked as well but that was on the app.
- 4,307
28 years in the business full time. Literally thousands of policies placed. Yet I can remember every single rescission because they're so rare.
I still ain't got ta take me shoes off ta count 'em
From I have been posting here I am never for replacement in the FE market.
So when I see policies for over 2 years I tell them to keep up the payments as the policy is like cash in the bank. Will try though to get them to add to what they have.
Royal Arcanum pays 50% at the beginning of the second year, 75% at the beginning of the third year and 100% at the beginning of the fourth year.
So I give them a choice between it and Gerber or AIG.
So when I see policies for over 2 years I tell them to keep up the payments as the policy is like cash in the bank. Will try though to get them to add to what they have.
Royal Arcanum pays 50% at the beginning of the second year, 75% at the beginning of the third year and 100% at the beginning of the fourth year.
So I give them a choice between it and Gerber or AIG.
- 30,590
Did you know that Royal Arcanum wouldn't accept anyone with Mongolian bloodlines at one time?
I remember you posting that in the past.
- 15,041
While you can usually get them to tell you or give you enough information to figure it out, they should not be telling agents why the policy was rescinded. It is health information protected by HIPAA.
- 15,041
Of course, this does raise the thought exercise, what if you sued the company for recovering commissions, claiming it is an improper rescission. I don't recall HIPAA well enough, would that provide an exemption to reveal the insured's information, or would they effectively be forced to settle?
- 4,307
I called about a decline years ago, just after HIPAA came along. The underwriter said, "I can't tell you why, but why don't you re-read question #7." Pretty good hint.
- 15,041
Yep, I recall a company doing almost the exact same thing.
