Then you don't get paid anymore on that policy. Since you aren't advanced there is nothing you owe to the company. The only exception to this would be if they rescinded the policy and paid all the premiums back to the client. Then you would owe the company everything you had made on that policy prior to it being rescinded.
Stroke 2+ years ago
- Thread starter bill3173
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Then you don't get paid anymore on that policy. Since you aren't advanced there is nothing you owe to the company. The only exception to this would be if they rescinded the policy and paid all the premiums back to the client. Then you would owe the company everything you had made on that policy prior to it being rescinded.
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- #22
Well, that's the way I read it, but I received a charge backs for policies that lapsed in month 4 and 11. One was they just stopped paying and the other was a death lapse. The BGA was of no assistance in rebutting it. Now I'm thinking that if you have a different arrangement with Trans, it may depend on the IMO, BGA, etc.
I can understand you getting a chargeback on the one for death, but not a chargeback on the 4 month one. If I were you I would call them and have them explain that to you. Companies do make mistakes....I've seen Trans make a few of them like this.
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