Forethought Replacement

[Newby]

In most cases the funeral home wouldn't be very proactive on saving a policy. Most just handle walk-in business. If it's more than a year in force the agent won't even put up much fight because there aren't renewals on those policies.

I hate to hear new agents out there trying to figure out when to replace and no knowing what they are doing though. Especially with the comment that the up line is no help. Why haven't you fired that up line then?

Green agents shouldn't replace if they don't know what they are looking at. You should scan the policy pages (with your scanner on your smart phone.) email it to your up line. If they can't help you with the case...get a new up line.

On the other hand if your up line defaults to "replace every policy you can" fire that one too.

 

[jdeasy]

Exactly.

The funeral home can demand whatever they want, the insurance company is going to tell them to get lost. They won't know who did the replacement unless the call the woman and she tells them. All they will know is the company. I believe in most states Forethought will receive a comparative statement from the replacing company, but I don't believe they send that to the agent being replaced.

The reality is, the funeral home will probably let it go without much fuss. They got their commission and if they press, it could easily turn into, "Those crooks at the funeral home sold me an insurance policy I couldn't afford!"

According to 5 Star I was in the wrong by not notifying the replaced company that they were being replaced.

I always thought that the replacing company was to notify the other company and that's why we are to do replacement forms.

Of course it could have been poor handwriting that caused 5 Star to take that position?

If all else fails, blame the agent.

 

[VolAgent]

According to 5 Star I was in the wrong by not notifying the replaced company that they were being replaced.

I always thought that the replacing company was to notify the other company and that's why we are to do replacement forms.

Of course it could have been poor handwriting that caused 5 Star to take that position?

If all else fails, blame the agent.

I wonder if they would send that to you in writing?

 

[jdeasy]

I wonder if they would send that to you in writing?

As part of their reply to the DOI on the death claim here in Ky where a complaint was filed their response was,
"the replaced company did not know that their policy had been replaced. The agent did send in a completed replacement form with the application to 5 Star and did provide the insured with the TIA". That may not be an exact quote but it's close enough.

They were trying absolve themselves their responsibility to notify the replaced company.

And from my talks with Newby the main guy at 5 Star kept making an issue of the fact that the replaced company didn't know they were replaced. My response was always that it is the replacing company that is to provide notice. The DOI agrees with me on that.

I'm probably not allowed to share it here, so I won't, but every agent should read that complaint reply. It reads like it was written by a 10 year old.

Even spelled my name wrong every time. Of course, maybe that's that "hypothetical" agent?

 

[VolAgent]

As part of their reply to the DOI on the death claim here in Ky where a complaint was filed their response was,
"the replaced company did not know that their policy had been replaced. The agent did send in a completed replacement form with the application to 5 Star and did provide the insured with the TIA". That may not be an exact quote but it's close enough.

They were trying absolve themselves their responsibility to notify the replaced company.

And from my talks with Newby the main guy at 5 Star kept making an issue of the fact that the replaced company didn't know they were replaced. My response was always that it is the replacing company that is to provide notice. The DOI agrees with me on that.

I'm probably not allowed to share it here, so I won't, but every agent should read that complaint reply. It reads like it was written by a 10 year old.

Even spelled my name wrong every time. Of course, maybe that's that "hypothetical" agent?

It would be interesting to read. Perhaps you can send it to me?

I'm sure it was your fault for not faxing it properly. They just didn't get the replacement form. And of course they didn't notice replacement being checked on the app.

 

[jdeasy]

It would be interesting to read. Perhaps you can send it to me?

I'm sure it was your fault for not faxing it properly. They just didn't get the replacement form. And of course they didn't notice replacement being checked on the app.

No, in this case they never claimed to not get the replacement or that I didn't complete it properly. That was never an issue. They even told the DOI that I completed everything properly, on time and in order.

Their claim was that when they were first told about the Ky law on replacements, {again they claimed that was news to them}, they called the replaced company to inquire as to how long it had been in force and the face amount, etc. They were shocked, shocked, I tell you!!, to learn that the company did not know they had been replaced. They knew the policy lapsed but not because they were replaced.

I replaced an US Financial this week. I filled out the proper replacement forms, we did call and stop the draft but I did not inform US Financial that they are being replaced. That's AmCon's job, {the replacing company}. And I'm sure they will do so.

5 Star is the only company I've ever run across that doesn't know that sending replacement notices to the replaced company is their job instead of the agent's.

But, this is also way off track in the state of Ky. They were supposed to do all that checking on the replaced policy, the face amount?, how long in effect? etc?, before ever issuing the policy. That's the law in Ky and it's spelled out very clearly. No ambiguity at all on that issue.

They are too clueless to even realize that their response on that was telling the DOI that they never followed the law from the beginning.

As for the reply on the complaint, it's not mine to share. I didn't get a copy of it. That was sent to the the beneficiary. He called me early this week and wanted me to stop by and read it because, in his words, "it was full of lies".

They are paying the claim finally os it's a ll a moot point now, I suppose?

I was never once asked about that case by 5 Star. Never had the first discussion with them about it other than making the death claim for my client. I was never interviewed by the DOI.

As I said in another thread, there were some issues on this that would make a 3rd party raise some questions. All were explainable if only someone were to ask. Never happened.

 

[rousemark]

As part of their reply to the DOI on the death claim here in Ky where a complaint was filed their response was,
"the replaced company did not know that their policy had been replaced. The agent did send in a completed replacement form with the application to 5 Star and did provide the insured with the TIA". That may not be an exact quote but it's close enough.

They were trying absolve themselves their responsibility to notify the replaced company.

And from my talks with Newby the main guy at 5 Star kept making an issue of the fact that the replaced company didn't know they were replaced. My response was always that it is the replacing company that is to provide notice. The DOI agrees with me on that.

I'm probably not allowed to share it here, so I won't, but every agent should read that complaint reply. It reads like it was written by a 10 year old.

Even spelled my name wrong every time. Of course, maybe that's that "hypothetical" agent?

Communication with the DOI should be a matter of public record..

 

[jdeasy]

Communication with the DOI should be a matter of public record..

I don't think so. I can go to thw website and see the % of complaints made against a company but I can't see the actual complaints and responses. Maybe there is a way.

I'm sure the personal info would be redacted even if you get them. If not, it should be.

 

[rousemark]

I don't think so. I can go to thw website and see the % of complaints made against a company but I can't see the actual complaints and responses. Maybe there is a way.

I'm sure the personal info would be redacted even if you get them. If not, it should be.

I don't know that it would be posted on the website but most communication should be avaiable on request. At least it is in TN under the Sunshine Law.. The client could certainly make it public if he wanted to do so.