Selling Insurance Out Of US

[AZtinman]

Can a properly licensed life insurance agent sell a policy to an AMERICAN citizen while visiting a foreign country if the prospective insured lives in that country or is visiting that country?

I know agents life Jeff Root (sell) sold policies from overseas. But they were (are) selling policies to citizens living in the United States.

Suppose the prospective insured has a United States "home of record". Perhaps the address where his US bank is located or his retirement checks are deposited.

And, if that would work, would I need to be properly licensed in the state where prospective insured has their home of record or would my home state license be enough?

I thought of just applying for the policy for the client over the internet. But, with the geo-location security on the servers the insurance company would know the country I was in from the IP address. Or, more likely, the insurance company would prohibit access from other countries.

Unless of course I used a VPN..... .

Which might solve all problems....but is it legal?

tinman

 

[Markthebroker]

 

[fed up]

I think you already know the answer to your question. Do as you think best.

 

[Lloyds of Lubbock]

You are not supposed to solicit outside of the US.
As the medical must be done on US soil, if he wants the coverage...fillout the app when he returns to the US.

 

[AZtinman]

Lloyd (?)

You are assuming to much.

1. First, I did not say I was soliciting. If a friend, who is an American citizen located outside of the United states, asks me to sell him life insurance I did not solicit him.

2. Second, ever hear of NO exam life insurance?

tinman

 

[Lloyds of Lubbock]

You still have to fill out an app. and date it on US soil.
Filling out an app outside of he US is considered soliciting.
I assumed nothing, just stated a fact.
I do not sell no exam life, but I assume it requires asking medical questions.

 

[Tahoe Ray]

Every paper or eApp that I have seen has a line next to the signature that says "signed in city/state".

I would think that would be the issue over everything else.

 

[AZtinman]

Lloyd,

Nothing is as it seems these days.

If an agent who is not in the US at the moment, goes online and "fills out an app" in my opinion he is filling out the app in the US. That online application sits on a server. Guess where the server is located. Right, in the United States. Ergo, the agent filled out an app in the US.

The devil is in the details.

tinman

 

[AZtinman]

Death on Call,

Technically, I think you are right.

Suppose a US citizen outside the US bought a life insurance policy by using one of the online sites that do not require a sales agent during or after the sale. And, the buyer used a VPN that shows an IP located anywhere in the US. The insurance company would not know where the buyer is located. And, if the eapp asks the city and state he is in he can enter the city and state where he has his bank account and that would take care of Tahoe Ray's concern,

And, if something can be done...it is being done. And, most likely, an insurance company would not care anyway.

You stated "On my website, I have a system that allows people to purchase final expense and term without ever needing to directly contact an agent....".

That implies to me your website has a link to a form embedded with your agent number so you get credited with commission.

Care to share the carriers name that has such an eapp?

Thanks
tinman

 

[Tahoe Ray]

Lloyd,

Nothing is as it seems these days.

If an agent who is not in the US at the moment, goes online and "fills out an app" in my opinion he is filling out the app in the US. That online application sits on a server. Guess where the server is located. Right, in the United States. Ergo, the agent filled out an app in the US.

The devil is in the details.

tinman

Do what you want to do but I would not write an insured not located in the US unless the carrier allowed it (like Lloyd's will).

It's fine to have an opinion but would you really want to argue this point with a carrier or a DOI?

online applications usually don't ask for city or state where signed, rather they use your registered address or home of record you enter. If you work with a vendor with an API for your website, all the client does is sign the policy themselves. An email than is sent to you letting you know someone bought insurance and you simply accept it. It's not like the E-App you are used to. Look at companies that are killing it with this way of application writing like select quote

Sure, but look at the actual policy. The app in the policy that is e-signed will have a "signed at" line with the city and state. It may prepopulate based on what you enter but it is still a declaration on the app.

All of my retail production is online.