World...Quick Question

Jul 9, 2008

  1. indmedins
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    indmedins Guru

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    Does World draft initial premium upon app submission or do they wait until the policy is issued? Thanks in advance.
     
  2. joshril
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    Every policy I've had issued through World they've required a verbal confirmation to draft from the agent. So, technically it's a draft on issue from my experience. I have had standard issue policies require this as well as rated cases, so I'm thinking it's standard operating procedure.
     
    joshril, Jul 10, 2008
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  3. indmedins
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    Wow, they actually wait for the agent's approval. Very respectful. Thanks for the info!
     
  4. indmedins
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    Just spoke with World...

    They draft the clients account or charge their credit card for the application fee of $25 right away and don't draft the account or charge for monthly premium until the policy is issued. After that, they draft on the effective date. This is in FL anyway.
     
  5. moonlightandmargaritas
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    moonlightandmargaritas Guru

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    Why on earth would you sell World in Florida?
     
  6. indmedins
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    I never have before, but my client is overweight and has hypertension. I usually sell Humana and GR. She is a Humana and GR decline.
     
  7. moonlightandmargaritas
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    moonlightandmargaritas Guru

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    Hmmm. Interesting alternative for fatties...

    Is their height/weight table more liberal than Assurant? How much does World rate it up?
     
  8. indmedins
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    LOL. They are very liberal. For her case, she is only a 25% rateup. With Humana she is near decline on height and weight. If you add the hypertension, she is cooked. The problem with GR is she is a standard 2 and with hypertension she is not eligible for coverage.

    Let's put it this way, for example, a male 5' 6" 252 can get covered. 80% rate + ER for obesity, so I guess those Jenny Craig discounts won't be given (they don't give Jenny Craig discounts).
     
  9. joshril
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    Interesting. World tells me the same thing, but when I call to find out why a case is still pending they tell me they are waiting for the agent's verbal confirmation to draft?
     
    joshril, Jul 10, 2008
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  10. indmedins
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    Weird. I'll let you know when I get there. Right now, I just submitted so we are in the voice signature stage with the client.
     
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