Chargebacks on death in year one

[damadcrapper]

Ask the experts...
Will most FE carriers chargeback on death in year one? I believe most will if the claim is contested and denied.

 

[jdeasy]

Ask the experts...
Will most FE carriers chargeback on death in year one? I believe most will if the claim is contested and denied.

100% of contestable claims are contested. Every company I know of, except CICA, will charge back 100% of commissions if the claim is denied. I don't know of a company that charges back if the claim is paid. Except for any unearned commissions, that is.

 

[WinoBlues]

GI <1 year death? The ROP is Contractual.

 

[Rick Lee]

I've had a guy die on the first day and two die in the first month. The first one was GI, but his kids didn't know he had a policy and the bank draft continued for six mos before the money ran out and they filed a claim - ROP and full CB for me. The other two cases, one was also GI, but she had only made one payment, so no big CB. The other, however, was level. He made one payment of $66 and they paid out $15k. So my CB was the unearned advance.

 

[jdeasy]

I've had a guy die on the first day and two die in the first month. The first one was GI, but his kids didn't know he had a policy and the bank draft continued for six mos before the money ran out and they filed a claim - ROP and full CB for me. The other two cases, one was also GI, but she had only made one payment, so no big CB. The other, however, was level. He made one payment of $66 and they paid out $15k. So my CB was the unearned advance.

On GI the chargebacks are contractual.

 

[DonP]

100% of contestable claims are contested. Every company I know of, except CICA, will charge back 100% of commissions if the claim is denied. I don't know of a company that charges back if the claim is paid. Except for any unearned commissions, that is.

Jd i had contestable claim this yr with Cica . Policy was 2 months old at death. They denied claim and charged me back . I called cica and the guy called commissions to investigate and he got back with me the next day . He said it was charged backed due to denial of claim .

 

[jdeasy]

Jd i had contestable claim this yr with Cica . Policy was 2 months old at death. They denied claim and charged me back . I called cica and the guy called commissions to investigate and he got back with me the next day . He said it was charged backed due to denial of claim .

I understand. But they claim they do not.

 

[DonP]

I understand. But they claim they do not.

There liars just like every other company . Lol

 

[DonP]

Here it is . Full chargeback on premium returned in first 2 yrs . Even chargeback if death in first 3 months they pay claim

 

[jdeasy]

Here it is . Full chargeback on premium returned in first 2 yrs . Even chargeback if death in first 3 months they pay claim

Only the unearned commissions are charged back on a death in the first 3 months. So only applies to agents getting advanced.