Agents Lying on Apps

[Rather_Be_Golfing]

Just went to an appt. The crazy thing is that the lady bought a policy this am from another agent. When I quoted her she said she got a much cheaper rate from another agent. He wrote her on Americo. What is even crazier is that the agent said no to all questions when in fact she was diabetic, smoker, and history of heart issues. Have anyone come across this type of stuff before? They must be writing companies that dont do script checks and hoping the 2 year contestibility comes really fast. Hard to compete against garbage.

 

[moonlightandmargaritas]

In the case of fraud or material misrepresentation, the 2 year contestability period won't matter!

 

[VolAgent]

That isn't going to get past Americo. The script check will almost certainly turn up the diabetic and heart meds.

 

[goillini52]

Just went to an appt. The crazy thing is that the lady bought a policy this am from another agent. When I quoted her she said she got a much cheaper rate from another agent. He wrote her on Americo. What is even crazier is that the agent said no to all questions when in fact she was diabetic, smoker, and history of heart issues. Have anyone come across this type of stuff before? They must be writing companies that dont do script checks and hoping the 2 year contestibility comes really fast. Hard to compete against garbage.

Did you point out the lies and explain about the 2 years?

 

[AllenChicago]

When I quoted her she said she got a much cheaper rate from another agent. What is even crazier is she was diabetic, smoker, and history of heart issues.

In a non-guarantee-issue situation, how can you even ballpark quote a diabetic smoking heart patient?

 

[goget]

Moon that's incorrect. Outside signing someone's name are murder the 2 yr contestability is pretty much ironclad. If not any company could contest anything they wanted and say it was material .

 

[Rearden]

Just went to an appt. The crazy thing is that the lady bought a policy this am from another agent. When I quoted her she said she got a much cheaper rate from another agent. He wrote her on Americo. What is even crazier is that the agent said no to all questions when in fact she was diabetic, smoker, and history of heart issues. Have anyone come across this type of stuff before? They must be writing companies that dont do script checks and hoping the 2 year contestibility comes really fast. Hard to compete against garbage.

The key with these situations is to call Americo, request Underwriting, turn on the speakerphone, and ask for an underwriting assessment so the client can hear over the phone how she wouldn't be accepted.

 

[Rather_Be_Golfing]

Absolutely. I told her to keep my card and call me if(I was thinking when of course) she received a denial letter in the mail. I sleep good at night doing the right thing. I bet if all carriers paid as earned there would be alot less agents writing final expense which would also weed most of the dirtbags chasing big comps.

 

[Rearden]

Absolutely. I told her to keep my card and call me if(I was thinking when of course) she received a denial letter in the mail. I sleep good at night doing the right thing. I bet if all carriers paid as earned there would be alot less agents writing final expense which would also weed most of the dirtbags chasing big comps.

You didn't close her on a better product on the first call?

What if she dies between today and the time you "might" get back to resell her?

 

[moonlightandmargaritas]

Moon that's incorrect. Outside signing someone's name are murder the 2 yr contestability is pretty much ironclad. If not any company could contest anything they wanted and say it was material .

You might want to read the actual statute.