- Thread starter
- #11
Release from IMO/carrier appointments
- Thread starter Diana2024
- Start date
Diane, we have submitted termination requests for each of your carriers.
I apologize for any inconvenience and wait times, and I am very sorry that you felt misled or misguided.
That is never my intention. We are typically much faster and take pride in handling all agent requests in a timely and speedy fashion!
Thank you, everyone, for your answers and for providing guidance where I fell short.
I didn't understand that no matter what, State Farm will not sign our release form, and it was not needed, so we just needed to terminate your contracts.
I mainly deal with agents moving to other independent uplines in our space. Either way, I apologize, and it will not happen again.
For the protections mentioned, it's in our release forms to be signed by the upline to allow you to come back to us if needed. That's how we protect you in case you need to leave the place you went to.
('ve attached the question in our release form, so you can see what I mean).
For the appointment fees, I was just explaining that some carriers do have state appointment fees when you get appointed.
Most carriers are JIT (Just-In-Time) so they don't appoint you until you write business and there would be no fees. A very small selection of them appoint you right away and may have a fee that the carrier itself charges.
As for the wait times, we've just been so slammed. While this is not your problem, we are trying to hire new people to help out.
We've gone from writing about $650K per month to over $2M per month in just a very short time!
This is a good problem for us to have, once again, it's not your problem!
State Farm should be able to go ahead and get you going. Please let us know if you have any problems!
My sincerest apologies!!
I apologize for any inconvenience and wait times, and I am very sorry that you felt misled or misguided.
That is never my intention. We are typically much faster and take pride in handling all agent requests in a timely and speedy fashion!
Thank you, everyone, for your answers and for providing guidance where I fell short.
I didn't understand that no matter what, State Farm will not sign our release form, and it was not needed, so we just needed to terminate your contracts.
I mainly deal with agents moving to other independent uplines in our space. Either way, I apologize, and it will not happen again.
For the protections mentioned, it's in our release forms to be signed by the upline to allow you to come back to us if needed. That's how we protect you in case you need to leave the place you went to.
('ve attached the question in our release form, so you can see what I mean).
For the appointment fees, I was just explaining that some carriers do have state appointment fees when you get appointed.
Most carriers are JIT (Just-In-Time) so they don't appoint you until you write business and there would be no fees. A very small selection of them appoint you right away and may have a fee that the carrier itself charges.
As for the wait times, we've just been so slammed. While this is not your problem, we are trying to hire new people to help out.
We've gone from writing about $650K per month to over $2M per month in just a very short time!
This is a good problem for us to have, once again, it's not your problem!
State Farm should be able to go ahead and get you going. Please let us know if you have any problems!
My sincerest apologies!!
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- 26,808
- Thread starter
- #14
Matthew, thank you for this. I did not call you out because I was just looking for some feedback here on how to handle this and move forward ... and to confirm some topics that I felt weren't clear and were questionable to me during our conversation and certain things you said to me. It sounds like we both learned some things from this experience.
Also, during our conversation yesterday, you said that I can find copies of the contracts ... because that's where you indicated I would see if the carrier had an appointment fee ... on Surancebay. I logged in yesterday after our conversation and was only able to see and download the contract with Corebridge. There is no option to see or download the SBLI contract. However, I suppose, since your office has confirmed that I do not hold any debt, it's a moot point now ... but rather an FYI.
Thank you again for this. You certainly didn't have to come forward since I didn't call you or the IMO out by name. Very big of you. Much respect.
- 17,208
Yes. The Kings are definitely not scammers. Just a misunderstanding. Releases are never needed going or coming from a captive insurance company that has no independent channel.
- Thread starter
- #16
Yes, I think we both learned some things. Sounds like he wasn't aware of how it works going to a captive agency like State Farm since he stated in his comment here that he's used to mainly dealing with agents moving to other independent uplines. And that's why I stated in a comment that they are an IMO that is often recommended here and I did my research on them and felt they were a reputable IMO. And I wasn't here to call anyone out. My post was to gain some clarity and understanding that I didn't have walking away from my phone conversation with him. What gave me pause was the way certain things were worded during our phone conversation. Some things said did sound a bit shady to me. Now that he has explained things more thoroughly here and stated he didn't fully understand how it worked going over to a captive agency, I can see that it wasn't that it was shady, it was a lack of understanding and knowledge about going to a captive agency. And because I'm new to this, it made certain things he explained confusing and unclear. I feel he did a much better job communicating and explaining it to me in his comment here than on the phone. And I have much to learn as well. And this experience did teach me some things.
For instance, your comment, "Releases are never needed going or coming from a captive insurance company that has no independent channel." ... Is easy to understand and had this been said yesterday during our phone call, it would have cleared some things up quickly. I also need to learn the correct terminology and I now understand the difference between a release and termination of contract ... along with some other things I learned.
All this to say, yes ... it appears to be a misunderstanding ... and I have much to learn as well. He didn't have to address my post since I didn't provide any names. No one would have ever known who it was as I had no intentions of naming them ... I just wanted clear answers. His response tells me that the research I initially did before signing up with them was accurate and that there is a reason why they are often recommended. It was a stand up thing that he did by addressing it here. I'm thankful for all of the responses I received from everyone as each response taught me something and clarified things in question. Thanks again for your feedback.
- 17,208
Your next lesson is going to teach you WHY it's unusual for an independent agent to go to a captive agency.
- Thread starter
- #18
I'm sure I will learn many lessons going captive. And I'm okay with that. I'm aware that this is likely not the "right" or "wisest" decision that will produce the most fruitful results for me ... but I'm making this very conscious decision to go this route because it's the "best" decision for me in this moment. I became licensed last year and personal life situations occurred last year that threw me off track and delayed my start in this industry. I'm looking to gain some experience and right now this is the best option for me and my situation. I understand that many people that start out captive end up eventually going independent. And I feel that will likely be my path one day as well. I'm not opposed to finding my path along the way with perhaps some difficult lessons ahead. I have an idea of what I'm in for. I'm not going into this blindly. I put quite a bit of thought into this and mulled over many options. If being captive doesn't provide what I'm looking to learn and gain as I begin this new line of work in the insurance industry, then I move on with some experience behind me. Time will tell. I've been self-employed for 15+ years and some lessons were learned the hard way but they were valuable lessons. Thanks again for your feedback.
- 26,808
Tuition
We would welcome you back at any time. You do what you need to do and it should all fall into place!
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