Claim Denied of Course

[rousemark]

I was just saying that Anemia itself should be Level Standard(instead of Select), but that's good to know.

What about the part about being declined because the policy hadn't been delivered?

Do you have an application? See what it says on it.

 

[goillini52]

Do you have an application? See what it says on it.

Yep, on page 5 it says it has to be delivered to the owner and 1st premium has to be paid.

It also says that they have to notify the company if any statement or answer given on the app changes prior to delivery(in writing). I don't remember them asking on the app if the PI is alive.

It does say that with a conditional receipt that no life insurance will take effect until the policy has been approved, issued and the 1st full payment is paid. All conditons must be met while the health and other factors affecting the insurability of the PI remain as described in the app. Sounds like it wouldn't have to be delivered in this case.......but they wouldn't issue to a dead person, so that sounds like double talk.

I'm going to start telling them not to die before I deliver the policy.

Too bad they're not all like the one you told about that died before you turned the app in.

 

[rousemark]

Yep, on page 5 it says it has to be delivered to the owner and 1st premium has to be paid.

It also says that they have to notify the company if any statement or answer given on the app changes prior to delivery(in writing). I don't remember them asking on the app if the PI is alive.

It does say that with a conditional receipt that no life insurance will take effect until the policy has been approved, issued and the 1st full payment is paid. All conditons must be met while the health and other factors affecting the insurability of the PI remain as described in the app. Sounds like it wouldn't have to be delivered in this case.......but they wouldn't issue to a dead person, so that sounds like double talk.

I'm going to start telling them not to die before I deliver the policy.

Too bad they're not all like the one you told about that died before you turned the app in.

Two things there... First, I collected the money with the application. Second, the Conditional Receipt provided for temporary insurance. A lot of FE companies have done away with providing "temporary coverage" under the conditions receipt.

 

[goillini52]

Two things there... First, I collected the money with the application. Second, the Conditional Receipt provided for temporary insurance. A lot of FE companies have done away with providing "temporary coverage" under the conditions receipt.

I'll make sure I either have the policy mailed or deliver it ASAP on FE.

I wonder if the company would pay if the insured died before policy delivery if he died 2 weeks after the agent got the policy? If not I'll bet that agent would get his ass sued.

 

[rousemark]

I'll make sure I either have the policy mailed or deliver it ASAP on FE.

I wonder if the company would pay if the insured died before policy delivery if he died 2 weeks after the agent got the policy? If not I'll bet that agent would get his ass sued.

Yeah.. If you are going to personally deliver then you should do it as soon as possible after you receive the policy. Also be good to use a delivery receipt for the client to sign.. If the company doesn't provide one, make one of your own and print it out.. Doesn't necessarily apply to this case but it can save your commissions if another agent comes in 5 or 6 months down the road and tells them they can get all their money back under the free look by telling the company that never did deliver the policy. Know one guy that got hit with a fairly large charge back that way. The policy premium was $100+ per month.

 

[goillini52]

Yeah.. If you are going to personally deliver then you should do it as soon as possible after you receive the policy. Also be good to use a delivery receipt for the client to sign.. If the company doesn't provide one, make one of your own and print it out.. Doesn't necessarily apply to this case but it can save your commissions if another agent comes in 5 or 6 months down the road and tells them they can get all their money back under the free look by telling the company that never did deliver the policy. Know one guy that got hit with a fairly large charge back that way. The policy premium was $100+ per month.

I've been doing that as long as I can remember. Doesn't matter what type of policy it is, if the company doesn't have a delivery receipt(and many of them don't) I make my own.

 

[Newby]

If this is the case that I think it is, the bigger issue is that they applied for and were issued as a prefered rating. But they did not qualify for prefered. So even if the policy was delivered and they were 9-months in force it would have ended the same way.

But I'm not sure any agent would have caught the fact that they had a blood issue that should have placed them at graded.

 

[goillini52]

If this is the case that I think it is, the bigger issue is that they applied for and were issued as a prefered rating. But they did not qualify for prefered. So even if the policy was delivered and they were 9-months in force it would have ended the same way.

But I'm not sure any agent would have caught the fact that they had a blood issue that should have placed them at graded.

Was it sickle cell, or anemia with a second yes in Part B3? Or PI answered no?

 

[SammyJ]

How does the delivery receipt work when most co's Mail the policy to the client. Can the client say he wants his money back 6 months later because he never sent the delivery receipt back?

 

[backinthesaddle]

Not sickle cell anemia. Regular old anemia which is low hemoglobin. My wife is an RN so this type of stuff never happens. If I run into something I don't understand I shoot her a text. Live and learn. JD the 3000$ in ap is no problem. I'm not sure I want to place anymore business with them.