Unethical replacements

shonceman

Guru
1000 Post Club
4,063
Yesterday I dropped in on an orphan who had surrendered her policy to take one out from a different company. I asked what made her want to switch. She said an agent had stopped by and offered to review her coverage. Ok. So far so good. Nothing I wouldn’t do.

But then she said that her main reason for dropping the first policy was because the new agent told her that the other agent wasn’t licensed in Texas, so if anything happened to her, the company wouldn’t have to pay! Then he wrote her another policy for the same face amount, and nearly the same premium!

This policy was 27 months old, so past contestability. I wouldn’t have replaced it just because of that, even if the price was a little high. I realize that some might disagree if they felt that they could put the client in a better position. But I don’t think any of you would lie to get a replacement.

I don’t have a pricebuster in my bag, but I’m tempted to get one just so I can go back and get this liar charged back!

(I know, there have always been unethical agents out there. But it seems like I run into them a lot more these days!)
 
Yesterday I dropped in on an orphan who had surrendered her policy to take one out from a different company. I asked what made her want to switch. She said an agent had stopped by and offered to review her coverage. Ok. So far so good. Nothing I wouldn’t do.

But then she said that her main reason for dropping the first policy was because the new agent told her that the other agent wasn’t licensed in Texas, so if anything happened to her, the company wouldn’t have to pay! Then he wrote her another policy for the same face amount, and nearly the same premium!

This policy was 27 months old, so past contestability. I wouldn’t have replaced it just because of that, even if the price was a little high. I realize that some might disagree if they felt that they could put the client in a better position. But I don’t think any of you would lie to get a replacement.

I don’t have a pricebuster in my bag, but I’m tempted to get one just so I can go back and get this liar charged back!

(I know, there have always been unethical agents out there. But it seems like I run into them a lot more these days!)

Miss Betty Bop, this guy flat out lied to you as you can see here on the DOI website. I've been licensed since 1985.

So if he lied about that what else did he lie about? Did he tell you about the ne contestable period? How about resetting the 0 cash value period? I don't see that he sent in the replacement form you were supposed to sign.

I just can't figure why he thought it was in your best interest to jeopardize your families benefits. I can calculate what his interest may have been.

Heck, if you like we can call him. Or should I just see if I can find you a solid policy?

Oh, by the way, did you give him any one else's names?
I wonder if he will call your daughter and son?
When we get this mess fixed I'll get my contact info to them.
 
Last edited:
Miss Betty Bop, this guy flat out lied to you as you can see here on the DOI website. I've been licensed since 1985.

So if he lied about that what else did he lie about? Did he tell you about the ne contestable period? How about resetting the 0 cash value period? I don't see that he sent in the replacement form you were supposed to sign.

I just can't figure why he thought it was in your best interest to jeopardize your families benefits. I can calculate what his interest may have been.

Heck, if you like we can call him. Or should I just see if I can find you a solid policy?

Oh, by the way, did you give him any one else's names?
I wonder if he will call your daughter and son?
When we get this mess fixed I'll get my contact info to them.
Last night I left her with the new policy since she had surrendered the other one. My goal on these lapsed orphans is to help them reinstate the coverage if they want to. I don’t usually push very hard. The new policy is with a decent carrier, so I didn’t feel there was any benefit to her replacing again.

However, earlier this morning, I started wondering if he’d flim-flammed her in any other way. The lady told me the new rate was actually just a little less, even though she’s 2 years older now. So I had the thought to check the new company’s rates for the same coverage. I think he may have lied about that, too! I’ll probably go back by to see if she’ll let me look at the policy.
 
Last night I left her with the new policy since she had surrendered the other one. My goal on these lapsed orphans is to help them reinstate the coverage if they want to. I don’t usually push very hard. The new policy is with a decent carrier, so I didn’t feel there was any benefit to her replacing again.

However, earlier this morning, I started wondering if he’d flim-flammed her in any other way. The lady told me the new rate was actually just a little less, even though she’s 2 years older now. So I had the thought to check the new company’s rates for the same coverage. I think he may have lied about that, too! I’ll probably go back by to see if she’ll let me look at the policy.

Yeah, I'd hound the crap out of him. (I'm petty like that).

If she hadn't signed the delivery receipt I'd have her free look it so he get a 100% charge back.
 
I would wedge him and poison the well. Take his card to show around your debit as you both are fishing the same pond.

Damn I miss doing defense of replacements. Those were fun times.

Yeah, I'd hound the crap out of him. (I'm petty like that).

If she hadn't signed the delivery receipt I'd have her free look it so he get a 100% charge back.
If I had been the writing agent, he would not have gotten away with it at all, especially if it was one of my debit clients!

These orphan leads I get are from the FE side of the company. They usually give the original writing agent a few months to salvage the case before they send it over to a home service agent. This policy was replaced back in August, so she’s already had the new policy for several months.

No question, I’d have her free look it if that was a possibility. As it is, I’ll still try to get a look at it in case he left her in an inferior position. I’ll attempt to replace it if that’s the case, but otherwise probably not.
 
If I had been the writing agent, he would not have gotten away with it at all, especially if it was one of my debit clients!

These orphan leads I get are from the FE side of the company. They usually give the original writing agent a few months to salvage the case before they send it over to a home service agent. This policy was replaced back in August, so she’s already had the new policy for several months.

No question, I’d have her free look it if that was a possibility. As it is, I’ll still try to get a look at it in case he left her in an inferior position. I’ll attempt to replace it if that’s the case, but otherwise probably not.
.
You are much nicer than I. I would still see if it can be free looked.
I had a guy free look a $500mo (in 1985) policy on me a full year later. The company refunded his premium and wanted me to pay them. Nope.

I still get a lot of orphans always have. I used to drip and X-Date them.

I used to get paid first year comp for doing a defense of replacement. The highest one was a few thousand. It was like getting paid to pick on a bully.
 
Miss Betty Bop, this guy flat out lied to you as you can see here on the DOI website. I've been licensed since 1985.

So if he lied about that what else did he lie about? Did he tell you about the ne contestable period? How about resetting the 0 cash value period? I don't see that he sent in the replacement form you were supposed to sign.

I just can't figure why he thought it was in your best interest to jeopardize your families benefits. I can calculate what his interest may have been.

Heck, if you like we can call him. Or should I just see if I can find you a solid policy?

Oh, by the way, did you give him any one else's names?
I wonder if he will call your daughter and son?
When we get this mess fixed I'll get my contact info to them.
^^ yep^^
But “replacement form” is industry jargon. They have no idea what that means. I call it an Important Consumer Protection Form. No honest agent would ever fail to fill out and explain that important consumer protection form to you. Unless he was trying to flip a policy that was not in your best interest.
 
^^ yep^^
But “replacement form” is industry jargon. They have no idea what that means. I call it an Important Consumer Protection Form. No honest agent would ever fail to fill out and explain that important consumer protection form to you. Unless he was trying to flip a policy that was not in your best interest.
Most replacement forms now are little more than a statement acknowleging a replacement is taking place. They should be more like the Tennesse forms of olden days. You had to list the benefits of both policies including non forfieture values, present and future, and then justfy the replacements.
 
As a habit I always show my license. An old school move out of my "talk book". Just adds some credit to or makes me feel more credible... either way, more professional way to move forward. (I print mine on certificate paper instead of plain white paper.)

@shonceman hope you re-bag that one. If you want, you could call the agent with customer and ask why he suggested that she re-enter a contestability period. :policeman:

I the can has already been open, why not just dump it out on the table??:spinny:
 

Latest posts

Back
Top