fredmac
New Member
- 11
If a client has applied for a policy with another carrier, but is still in the free look period, does anyone know if this still counts as a replacement if they cancel this policy?
Does this Qualify As a Replacement or Not?
- Thread starter fredmac
- Start date
- 26,804
Could depend on your state and the company rules. I normally get the replacement paperwork signed with everything else anyway. I normally just add a line in agent comments about them non taking the other plan. No big deal. Address it so the underwriter does not need to.
- 15,041
How would that not be a replacement? That is current or pending coverage.
- Thread starter
- #5
fredmac
New Member
- 11
But if the policy is cancelled during the free look period, it never goes into force ...
- 2,452
When in doubt, always complete the form. It's better safe than sorry and only takes a minute. For example in most states if you are writing a policy on someone and their old one had lapsed already prior to your visit, if it lapsed less than 90 days ago it's still technically replacement (since it's eligible for reinstatement).
It's a CYA.
It's a CYA.
- 19,950
Yes..................................................
All day long .
- 3,247
If the policy has NOT been accepted under the "free look" period, there is NO replacement to be made.
- 31,259
I just replaced a Globe Life policy the guy had taken out over the phone 3 days earlier. I called and the gal tried to tell me that they couldn't cancel since it hadn't been officially issued yet. Long story short, I told her not to feed me a line and got it cancelled.
Oh yeah, I filled out a replacement form.
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