Chargeback Insurance for Insurance Agents

[RickShaw]

This has to be one of the more ridiculous ideas that I have seen. Good luck with trying to get this off the ground. To begin with, there will be a significant amount of adverse selection, very little data exists that would provide information on the risk, and I agree with an earlier post that trying to get a client to sign would be tough.

Sounds like a job for Larry, Moe and Curly.

Ummmmmmm. I think the OP was just joking around, folks. I mean, really???????? Chargeback insurance?

 

[Gooner]

Commission chargebacks can be backbreakers. As others have stated in these forums the commission is not yours until the chargeback period has expired. The reality is most agents are spending the commission as it comes in, hoping that a chargeback does not occur. If there was a product out there similar to E&O coverage for chargebacks would there be a market for this? My thought is to have a per occurrence limit up to an aggregate annual limit for chargebacks. Clients would sign a disclosure that they don't have X conditions and if they die from that condition in the first year the agent cannot file claim. However, anything outside of those exclusions the agent would be indemnified. The problem of the "bad" things that come with not immediately repaying the carrier is eliminated. Call this chargeback insurance for insurance agents. If there was a product out there like this, my fellow agents, what would you pay in an annual premium?

Are you only talking about chargeback from death? If so, I'm not a buyer.

Now if you're talking deadbeat, nsf, non-payment insurance premiums...pick a number...I would be able to make a killing off of you.

 

[DHK]

This has to be one of the more ridiculous ideas that I have seen. Good luck with trying to get this off the ground. To begin with, there will be a significant amount of adverse selection, very little data exists that would provide information on the risk, and I agree with an earlier post that trying to get a client to sign would be tough.

Sounds like a job for Larry, Moe and Curly.

Didn't they buy out the prestigious law firm of Dewey, Cheatham, and Howe?

 

[TexasInsuranceNow]

Rick is the most second beautiful man on this forum.

 

[senior-advisor-indiana]

Are you only talking about chargeback from death? If so, I'm not a buyer.

Now if you're talking deadbeat, nsf, non-payment insurance premiums...pick a number...I would be able to make a killing off of you.

You may need a new upline...