Learned Something else this Week

[billyb]

Have another client who smokes and has COPD. I submitted the app to Americo. In FL your choices are Americo, Liberty Bankers and Transamerica and Americo is usually the lowest cost. He had bought coverage on 4/11 with Globe and 4/12 with Physicians Mutual. When I came by he cancelled both of those. Americo wanted to know who these companies were, the face, if issued as applied and if he planed to keep all 3 policies. How they even found out is a mystery to me. Got it all worked out, but it created extra detail work for me.

 

[JimmyUt]

Have another client who smokes and has COPD. I submitted the app to Americo. In FL your choices are Americo, Liberty Bankers and Transamerica and Americo is usually the lowest cost. He had bought coverage on 4/11 with Globe and 4/12 with Physicians Mutual. When I came by he cancelled both of those. Americo wanted to know who these companies were, the face, if issued as applied and if he planed to keep all 3 policies. How they even found out is a mystery to me. Got it all worked out, but it created extra detail work for me.

The great thing out in my area is I rarely see COPD or Hep C. I have these guys, but don't find much reason to write them based on all my other options.

 

[Baseball7]

Americo was going to ask about recent applications in consider that factor that in there supersecret criteria for approval.

 

[Mattschmidt]

Have another client who smokes and has COPD. I submitted the app to Americo. In FL your choices are Americo, Liberty Bankers and Transamerica and Americo is usually the lowest cost. He had bought coverage on 4/11 with Globe and 4/12 with Physicians Mutual. When I came by he cancelled both of those. Americo wanted to know who these companies were, the face, if issued as applied and if he planed to keep all 3 policies. How they even found out is a mystery to me. Got it all worked out, but it created extra detail work for me.

Majority of companies, upon submission of applications, report the activity to the MIB.

So most carriers will ask similar questions. If you know about the pending applicatiions, you should had wrote a detailed cover letter explaining this ahead of time.

 

[billyb]

Didn't know and the first time I went by he said he didn't know. 1 was bought in the mail and the other a TV ad. When he received the policies I helped him cancel them.

 

[VolAgent]

Didn't know and the first time I went by he said he didn't know. 1 was bought in the mail and the other a TV ad. When he received the policies I helped him cancel them.

What Matt said. Recent activity and current or pending coverage checked no, just begging for further scrutiny.

I've had it happen to me, but definitely not something I want to happen often. Too much of that and you may get a call from compliance or the DOI.