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And the better part of decency and valor would recognize that and realize that I admitted to some of your points.
Charge backs
- Thread starter Tim Lumbao
- Start date
And the better part of decency and valor would recognize that and realize that I admitted to some of your points.
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If a person pays a Med Supp annually and dies or cancels 6 months in, 6 months premium is refunded.
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I've never sold med supps, but since that's a health insurance product, I'd expect that as well.
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There's also a chargeback scenario with annuities and ancillary products.
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Annuities... depends on the carrier and product. I've seen where the carrier will exclude some of their products from charge-back in the event of death in the first year. (That was American National and their Strategy Index Annuity 7 & 10 contracts that immediately came to mind. It's been a while so I don't recall if that's still the case.)
For those viewing, most annuities charge back on death, not just surrender.
So be careful before you spend that commission check from the case you wrote on that 75yo with a birthday next week that got you paid full comp.
So be careful before you spend that commission check from the case you wrote on that 75yo with a birthday next week that got you paid full comp.
They're one of the few in the industry.
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Contestable claims where the claim is denied have to refund all the premium to the estate of the policy owner & therefore the premium & commission is reversed
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If you haven't spent the money yet it's just a charge back. If you've already spent the money it's a M*&%#F*&% charge back. Big difference.
