Assurant on CBS news tonight
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No, I was thinking remember the Chevy Truck Crisis! I mean do not drive around with a can of gas directly under your Gas Tank because someone might shoot a rocket at the gas tank under your gas tank and make your gas tank blow up! Lets face it, the major media is nothing more then schills for the Dem/Liberals or visa versa and they want a "One Payor System" and Ind. Health isn't suppose to be around in the first place. Why not include some people from the Insurance side of the business to explain what is happening? Obviously Assurant Executives don't want to show up and be treated like Oil Executives by morons of our Media.
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I do know that there are some people that apply for individual coverage that do have medical conditions that they purposely fail to disclose. This is the reason that ALL companies will investigate major claims to determine if the client hid something on the application. I had applicants denied when the insurance company discovered medical conditions that were never disclosed and when I tell the applicants, they are like , oh, I forgot about that "little" stroke I had.
The lookback period varies from carrier to carrier and state to state.
Here in GA both BX & KP will go back forever. Others will ask questions that go back 5 - 10 years but, except for the big stuff (cancer, heart attack, stroke, etc.) are only concerned if you have been TREATED in the last 2 years.
A single angina episode from 3 yrs back that was never treated is a stretch for a carrier to use post-issue underwriting for claim denial, or policy rescission. Since the STM with Time (and most other carriers) says anything you have been diagnosed with or treated for in the prior 5 years is considered pre-ex, I suspect this case is for an STM policy.
Here in GA both BX & KP will go back forever. Others will ask questions that go back 5 - 10 years but, except for the big stuff (cancer, heart attack, stroke, etc.) are only concerned if you have been TREATED in the last 2 years.
A single angina episode from 3 yrs back that was never treated is a stretch for a carrier to use post-issue underwriting for claim denial, or policy rescission. Since the STM with Time (and most other carriers) says anything you have been diagnosed with or treated for in the prior 5 years is considered pre-ex, I suspect this case is for an STM policy.
This is not really "news". The complaints against them have been brewing for several months in several states.
I still maintain the issue is (mostly if not exclusively) with their STM plans. A wise move might be to withdraw from that market.
Wonder how long before their limited benefit plans come back to bite them in the butt?
My first post and I wish I had a smarter-sounding question. What does "STM" mean?
As a guy who currently only offers Assurant, this concerns me. I also considered using it for coverage (especially since it would be cheaper because I would get my commission back as a "disount.") but I won't now.
BTW thanks for the info.
As a guy who currently only offers Assurant, this concerns me. I also considered using it for coverage (especially since it would be cheaper because I would get my commission back as a "disount.") but I won't now.
BTW thanks for the info.
STM = short term medical
Although some will disagree, there is a market for the product. I don't write a lot but will write 20 - 30 cases per year. Good when other products don't fit and especially if the person is in between group cover.
As for being a one trick pony, there are NO carriers that can fit all your clients needs. With Time, if they don't want the One Deductible you really have nothing else of value to offer.
Although some will disagree, there is a market for the product. I don't write a lot but will write 20 - 30 cases per year. Good when other products don't fit and especially if the person is in between group cover.
As for being a one trick pony, there are NO carriers that can fit all your clients needs. With Time, if they don't want the One Deductible you really have nothing else of value to offer.
Thanks. And now for another not-so-bright question: "One deductibe?" Are you referring to the max plan?
Also, with respect to straight health insurance, I only currently have assurant. I've also got hard-to-insure United American coverage, as well as AIG for life. I think your comments still apply, right?
Also, the learning curve and the time needed to get started bringing in income (2-4k a month for starters) seems to range from 1-2 months. That's a hard pill to swallow.
Instead, I may go with Liberty National, which does a supplemental/life business.
Thanks for the info.
ATG
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This shouldn't be an excuse. Insurance companies are supposed to use the MIB to determine such matters as pre-existing conditions. Either take my word for it, and investigate my truthfulness later, or use the medical records I've signed for you to have access to...but not both.
There is no excuse for an insurance company missing such things after reviewing the MIB records. The incontestibility period for these policies needs to be much shorter.
