Termination by Americo

[PittAgent]

I recently transferred my Americo contract from one IMO to another. I was told the transition would be seamless but today I received a letter that my contract was terminated and I was asked to return any of their marketing materials that I have. In addition, I cannot even log into their website if I need to. My Agent Cafe account is terminated as well. Is this standard when you transfer from one IMO to another with Americo or did something happen that is out of the norm?

I know I can call Americo and ask but I just got home and got the letter now and it is past their business hours and I also know to ask my upline and I just emailed them but I'm freaking out bad enough to ask the rest of you if this is normal or if I have something to worry about.

 

[jdeasy]

I recently transferred my Americo contract from one IMO to another. I was told the transition would be seamless but today I received a letter that my contract was terminated and I was asked to return any of their marketing materials that I have. In addition, I cannot even log into their website if I need to. My Agent Cafe account is terminated as well. Is this standard when you transfer from one IMO to another with Americo or did something happen that is out of the norm?

I know I can call Americo and ask but I just got home and got the letter now and it is past their business hours and I also know to ask my upline and I just emailed them but I'm freaking out bad enough to ask the rest of you if this is normal or if I have something to worry about.

I get a termination letter from them one time out of the boue saying that my upline had been terminated and that's why I was. When I called them they said it was a mistake and fixed it immedaitely.

When I moved from EFES to FEX last year my Americo was the first one moved and without a hitch.

It may be a simple mistake? Could be something else?

 

[Newby]

I recently transferred my Americo contract from one IMO to another. I was told the transition would be seamless but today I received a letter that my contract was terminated and I was asked to return any of their marketing materials that I have. In addition, I cannot even log into their website if I need to. My Agent Cafe account is terminated as well. Is this standard when you transfer from one IMO to another with Americo or did something happen that is out of the norm? I know I can call Americo and ask but I just got home and got the letter now and it is past their business hours and I also know to ask my upline and I just emailed them but I'm freaking out bad enough to ask the rest of you if this is normal or if I have something to worry about.

It's likely a mistake.

 

[mbiallas]

It may simply mean your old contract has been cancelled and replaced with the new one. Pretty sure they assign new agent numbers each time you move a contract...at least they have for me.

 

[PittAgent]

I found out there was a termination request put in on my appointment and no new contract was submitted. (I was told it wasn't necessary and the transition would be seamless). I called Americo and worked it out so I could have the contract reinstated as it originally was and not move it.

 

[WinoBlues]

I found out there was a termination request put in on my appointment and no new contract was submitted. (I was told it wasn't necessary and the transition would be seamless). I called Americo and worked it out so I could have the contract reinstated as it originally was and not move it.

Who requested you be terminated? The IMO you were leaving?

 

[TwiLight]

I have seen this happen when the New IMO does not send in the Americo FORM for accepting liability of any debt from the previous IMO.

Americo makes the new IMO assume all debt/liability when under the previous IMO. Some IMO's wont send in that FORM, since they never got a dime of override and will not assume any liability. It takes 2 years to clear all liability if the agent stops writing with the carrier.

Liability does not always mean advance debt. It could be a flat charge back from a denial of Claim in the 2nd year during a contestable claim and the insurance company does a flat cancel from day one, reversing all commissions.

EX: I have had that happen quite a bit with Transamerica/Monumental Agents coming over to our agency. The old writing number is clear of chargebacks, but a year later some contested claims get reversed and the agent has $2k that needs to be repaid that could role up to the IMO.

 

[MAlife]

got the same letter when i tried to switch earlier this year without any notification of any new contract being setup. still have no idea what happenned there. seems crazy that one contract can be terminated without the other one ready to go. but i guess it depends who you send the new contracting to if it will ever get setup or not...inquiries seem to end up in a black hole somewhere.