Gerber & Cash Surrender

[lgreen]

I have a client that I had written a Gerber policy for and she let it lapse after a few months. She calls me up after she got a letter from them about a cash surrender of about $3.00 or so. I am like wth is this. Has anyone else had a client get a letter like this from Gerber?

 

[WinoBlues]

I have a client that I had written a Gerber policy for and she let it lapse after a few months. She calls me up after she got a letter from them about a cash surrender of about $3.00 or so. I am like wth is this. Has anyone else had a client get a letter like this from Gerber?

Must be what they had after APL. Or it was just a cumulated cash values that was not enough to pay the mode premium.

 

[sirherbie]

Lol I had a lady lapse after 6 months and it said reduced paid up on the agent portal. I called the company and asked how could this be reduced paid up when I had other policy's that lapsed and died in the same situation. She said it had like 40 cent cash value that paid for $2 of reduced paid up. I said your shitting me. And to boot I said wait what if she dies during the 2 yrs and they pay her a $2 death claim will they yank my 6 months of commission I received? She said yes. She did ask me if I wanted to terminate the poliy as the agent and I said no. A letter would go to the client.

 

[Iwillpay]

Lol I had a lady lapse after 6 months and it said reduced paid up on the agent portal. I called the company and asked how could this be reduced paid up when I had other policy's that lapsed and died in the same situation. She said it had like 40 cent cash value that paid for $2 of reduced paid up. I said your shitting me. And to boot I said wait what if she dies during the 2 yrs and they pay her a $2 death claim will they yank my 6 months of commission I received? She said yes. She did ask me if I wanted to terminate the poliy as the agent and I said no. A letter would go to the client.

Had a client got back $0.80 from Americo for lapsed policy after 13 months.

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Must be what they had after APS. Or it was just a cumulated cash values that was not enough to pay the mode premium.

You mean "APL" automatic premium loan.

 

[WinoBlues]

Had a client got back $0.80 from Americo for lapsed policy after 13 months.

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You mean "APL" automatic premium loan.

Yup, corrected.

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