Cica’s new chargeback rules

[DonP]

They mention advances . Are these chargebacks for as earned also? if so this changes a lot especially with direct express cards .

 

[jdeasy]

I saw that a little bit ago. Too small to read on my phone.

That SBLI type rule jumped out though.

 

[vic120]

can you guys expound?

I am just getting contracted not sure what I am getting into sounds ominous

 

[goillini52]

can you guys expound?

I am just getting contracted not sure what I am getting into sounds ominous

I'm guessing that you'll have a short term relationship.

 

[vic120]

I'm guessing that you'll have a short term relationship.

I know they are high on cica and SBLI so I am wanting to know more

 

[DonP]

Cica similiar to prosperity life had but worse . Example you write a client . He pays 2 drafts and doesn’t pay the 3rd draft you get full charge back of all 3 months . 2nd scenario he pays 4 months you only get chargeback for months 5 and 6. I’m thinking this is for advanced commissions . The letter is written poorly so I’m not sure if it’s for both as earned and advance or just advance . But cica’s drafting is not good and if you take direct express or other credit cards it’s a danger . I had this with Grange life in 2014-15. They charged back a crazy full 12 months if it didn’t hit the 13th month . It said it starts Aug 22nd. I think Jd was referring to Sbliusa( prosperity life). They had 3 month chargeback

 

[jdeasy]

Cica similiar to prosperity life had but worse . Example you write a client . He pays 2 drafts and doesn’t pay the 3rd draft you get full charge back of all 3 months . 2nd scenario he pays 4 months you only get chargeback for months 5 and 6. I’m thinking this is for advanced commissions . The letter is written poorly so I’m not sure if it’s for both as earned and advance or just advance . But cica’s drafting is not good and if you take direct express or other credit cards it’s a danger . I had this with Grange life in 2014-15. They charged back a crazy full 12 months if it didn’t hit the 13th month . It said it starts Aug 22nd. I think Jd was referring to Sbliusa( prosperity life). They had 3 month chargeback

SBLI and Prosperity charge back 100% if the customer doesn't pay 4 months. That's exactly what this is.

I don't know if this affects as earned. It appears it does. But it's not clear.

Also, currently CICA does not charge back earned commissions for deaths. Even if rescinded. I suspect that is going to change too.

 

[DonP]

SBLI and Prosperity charge back 100% if the customer doesn't pay 4 months. That's exactly what this is.

I don't know if this affects as earned. It appears it does. But it's not clear.

Also, currently CICA does not charge back earned commissions for deaths. Even if rescinded. I suspect that is going to change too.

I got a charge back of 2 months on a cica as earned direct express death claim 2 months ago . Guy paid 2 premiums . 4 months later in May I got a chargeback. I’ll have to call and check why they charged back .

 

[vic120]

SBLI and Prosperity charge back 100% if the customer doesn't pay 4 months. That's exactly what this is.

I don't know if this affects as earned. It appears it does. But it's not clear.

Also, currently CICA does not charge back earned commissions for deaths. Even if rescinded. I suspect that is going to change too.

I would suspect if they charge back 100% that would not change for as earned or advance

I am supposed to be as earned, though it shows I am 6 month advance but I am told you get approved first and they submit request after and its in process

But there are several reasons I want to be as earned it fits my buis model best at this time

 

[vic120]

Cica similiar to prosperity life had but worse . Example you write a client . He pays 2 drafts and doesn’t pay the 3rd draft you get full charge back of all 3 months . 2nd scenario he pays 4 months you only get chargeback for months 5 and 6. I’m thinking this is for advanced commissions . The letter is written poorly so I’m not sure if it’s for both as earned and advance or just advance . But cica’s drafting is not good and if you take direct express or other credit cards it’s a danger . I had this with Grange life in 2014-15. They charged back a crazy full 12 months if it didn’t hit the 13th month . It said it starts Aug 22nd. I think Jd was referring to Sbliusa( prosperity life). They had 3 month chargeback

But cica’s drafting is not good and if you take direct express or other credit cards it’s a danger

what does this mean drafting is not good? seems simple to me, do they draft more then premium or change amounts or something

How could drafting be not good