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Question About Rebating
- Thread starter KidsGotHeart
- Start date
- 15,041
Re: Question About Rebatingq
Why not? Or even better, free look just before it is over. Then you get everything back.
If you have to bribe someone to buy with a rebate, you shouldn't be surprised when it blows up in your face.
are you for real?
Why not? Or even better, free look just before it is over. Then you get everything back.
If you have to bribe someone to buy with a rebate, you shouldn't be surprised when it blows up in your face.
- 8,707
Banks do it all the time open an account and we deposit x into your account.
- 15,041
Re: Question About Rebatingq
Yep, but most have clawbacks on that money too. I'm not sure how you'd claw back a rebate.
Let's just say the guy doesn't cancel, but what if he dies in a year and the policy is successfully contested and thus rescinded. Is the agent going to go ask for his money back from the family once the company recoups their commission?
Yep, but most have clawbacks on that money too. I'm not sure how you'd claw back a rebate.
Let's just say the guy doesn't cancel, but what if he dies in a year and the policy is successfully contested and thus rescinded. Is the agent going to go ask for his money back from the family once the company recoups their commission?
- 4,132
Re: Question About Rebatingq
"Banks do it all the time open an account and we deposit x into your account. "
Yes, but they don't offer a 50% match and have terms within the contract that state what they will do if you terminate the contract early.
Where can an agent make terms of agreement with any insurance plan?
In fact I would bet that an agent who gave a 50% rebate couldn't challenge in court over an insured declining coverage. The insured has a legal right to cancel at any time AND depending on when the cancelation occurs they would be refunded any unapplied premium.
Rebating is a slippery slope because as an agent you are very limited to what you can do to recover the money given to a client. Rebating would fall under statements provided by an agent that have no responsibility for the carrier. The carrier is not offering the rebate, the agent is.
"Banks do it all the time open an account and we deposit x into your account. "
Yes, but they don't offer a 50% match and have terms within the contract that state what they will do if you terminate the contract early.
Where can an agent make terms of agreement with any insurance plan?
In fact I would bet that an agent who gave a 50% rebate couldn't challenge in court over an insured declining coverage. The insured has a legal right to cancel at any time AND depending on when the cancelation occurs they would be refunded any unapplied premium.
Rebating is a slippery slope because as an agent you are very limited to what you can do to recover the money given to a client. Rebating would fall under statements provided by an agent that have no responsibility for the carrier. The carrier is not offering the rebate, the agent is.
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Re: Question About Rebatingq
^ what I was thinking, but don't have the skills to put it all so eloquently in writing.
^ what I was thinking, but don't have the skills to put it all so eloquently in writing.
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Re: Question About Rebatingq
i thought rebating was not legal in FL?
i thought rebating was not legal in FL?
TexasAgent
Expert
- 40
Even if it's legal there are many carriers who don't allow it and would terminate your contract if they found out you did it. Read your contracts.
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