Had a 4 yr old client . I noticed he surrendered his policy . Knew it was fishey . Put him on route today and knocked him . A Lady replaced my whole life with a IUL . More coverage but terrible guarantees . This guy so uneducated its scary . Anyway he wanted guarantees so i replaced it . The lady never filled out replacement papers and checked no to replacement . She filled out the surrender letter he said . Jd would you make a complaint to the state for not filling replacement forms out ?Would you call the company she wrote and complain she never filled out replacement ?
What would Jd do?
- Thread starter DonP
- Start date
- 18,988
Ha!
Glad you thought of me.
Each situation is different. But I don’t shy from a complaint if warranted.
It’s quite different in my state though.
An agent not doing a replacement form here robs the person of their rights under our replacement regulations.
That’s a big deal. Not doing a replacement form in your state doesn’t harm or help the client.
So I might or might not. Just depends on how egregious it is.
And it depends on the client’s wants. I would almost never file a complaint without the insured joining the complaint.
However, right now I have one where an agent called me from my client’s home and told me he was with the DOI.
He was even dumb enough to continue that charade after I told him I was recording him. He even provided his agent number for the recording.
He didn’t replace anything or write any business in that home. But that’s still a complaint.
I actually wanted to go further and file a police report for impersonating a government official. But the lady wasn’t on board with that.
That dude knows he’s in hot water though. He’s tried calling me a dozen times since. Then started texting.
- 24,978
- Thread starter
- #4
Ha!
Glad you thought of me.
Each situation is different. But I don’t shy from a complaint if warranted.
It’s quite different in my state though.
An agent not doing a replacement form here robs the person of their rights under our replacement regulations.
That’s a big deal. Not doing a replacement form in your state doesn’t harm or help the client.
So I might or might not. Just depends on how egregious it is.
And it depends on the client’s wants. I would almost never file a complaint without the insured joining the complaint.
However, right now I have one where an agent called me from my client’s home and told me he was with the DOI.
He was even dumb enough to continue that charade after I told him I was recording him. He even provided his agent number for the recording.
He didn’t replace anything or write any business in that home. But that’s still a complaint.
I actually wanted to go further and file a police report for impersonating a government official. But the lady wasn’t on board with that.
That dude knows he’s in hot water though. He’s tried calling me a dozen times since. Then started texting.[/QUOTE
I probably wont file one . She’ll get a big fat chargeback
- 16,881
One thing is for sure. Agents who don’t fill out replacement forms are doing dirty business. They know their replacement would get canceled if caught because they are screwing over the insured. That’s why they don’t fill them out.
One other unbelievable reason that I have seen...the agent is just too lazy to do it!
- 2,263
Most of this really depends on what the insured told the agent. I was asked by my physician to write up life policies for he and his practice partner, a buy/sell a few years back.
I asked every question on the sheet and was told that the renewal premium on a term policy was going to be several thousand per month and they let it term. I found mistakes on the old policy (smoker/non-smoker) and with underwriting okay, wrote new policies saving lots.
2 months later I got a call from a NYL agent accusing me of clean sheeting and a complaint to the BOI.
I had a telephone conference call with the BOI and went step by step through the transaction. I, and the NYL AGENT, was told that I did NOT do anything wrong and the NYL agent was reprimanded for continuing to draft premium on a policy which the customer did not renew.
I asked every question on the sheet and was told that the renewal premium on a term policy was going to be several thousand per month and they let it term. I found mistakes on the old policy (smoker/non-smoker) and with underwriting okay, wrote new policies saving lots.
2 months later I got a call from a NYL agent accusing me of clean sheeting and a complaint to the BOI.
I had a telephone conference call with the BOI and went step by step through the transaction. I, and the NYL AGENT, was told that I did NOT do anything wrong and the NYL agent was reprimanded for continuing to draft premium on a policy which the customer did not renew.
- 29,488
I didn't know that a 4 year old could surrender a policy.
- 2,110
Must have been a juvenile policyI didn't know that a 4 year old could surrender a policy.
- 18,988
I didn't know that a 4 year old could surrender a policy.
Well, he bought DonP, ( according to his other posts), and then he sold DonP.
