Have to Vent About This...

[Focus LTC]

Well its quite obvious that she's not the brightest bulb in the chandelier. It took her 15yrs to figure out what most agents figure out in 1 or 2...

 

[Norwayguy]

She should be vested in those renewals at least...If I remember back about 13 years ago it was 7 years to vest.

 

[VolAgent]

The lawyer is a good option only if she's hell bent on suing. In a lot of cases they throw a cold bucket of water on them and that's that.

Which may be best for her. It puts an end to it all, versus always wondering.

 

[axeman462]

I would be surprised if she had a case. Odds are, she was technically an independent contractor, either a 1099 or statutory W-2.

She would be well-served to speak with an attorney. Most will give you a free initial consultation to see if there is a case worth pursuing. I just hope she kept her contract and any documentation from the company, particularly when she told her manager she was ill with cancer.

all bankers agents are 1099
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They canned her because when they do, the upline manager gets the renewals. That's a free $75K for that scumbag...

The upline manager gets the renewals? I figured the company kept the renewals. The was the only way I could ever imagine Bankers survived as a company.
business model: hire people to sell for you. Keep them around for a few months. After they sell X amount of product, get rid of them and keep the renewals for company revenues.

 

[Larry Tew]

In the interest of accuracy, the upline manager continues to get his override on the in-force business as long as it stays on the books, but he doesn't get her share of the renewals. The company retains any unvested renewals previously paid to terminated agents.

 

[axeman462]

She should be vested in those renewals at least...If I remember back about 13 years ago it was 7 years to vest.

Looking at my old contract with Bankers it is 7 years to vest (first 2 years of commisions)
at year 8 you have yrs 1 -3 vested
yr 9: 1-4 vested
yr 10 or more: 1 -5 vested

This however is for agents that leave "without cause". not sure if "under producing" is considered "for cause" or not.


-To others that mention getting a lawyer:
I really don't think she would have a case. Florida is a "right to work state". although I'm not sure if her being 1099 makes a difference.
Bankers getting rid of her seems legit (legally speaking). just not morally right.
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In the interest of accuracy, the upline manager continues to get his override on the in-force business as long as it stays on the books, but he doesn't get her share of the renewals. The company retains any unvested renewals previously paid to terminated agents.

that make more sense

 

[jdeasy]

Looking at my old contract with Bankers it is 7 years to vest (first 2 years of commisions)
at year 8 you have yrs 1 -3 vested
yr 9: 1-4 vested
yr 10 or more: 1 -5 vested

This however is for agents that leave "without cause". not sure if "under producing" is considered "for cause" or not.


-To others that mention getting a lawyer:
I really don't think she would have a case. Florida is a "right to work state". although I'm not sure if her being 1099 makes a difference.
Bankers getting rid of her seems legit (legally speaking). just not morally right.
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that make more sense

Right to work laws have absolutely nothing to do with a case like this.

 

[LGilmore]

What state you're really doesn't matter. I went through something similar with a big company about 15 years ago. In their contract they have a clause that allows them to end the relationship with 30 days notice. There doesn't have to be cause, they could just decide against continuing the relationship.

Now did it work out that way for them? No but it took 7 years and a class action to get that check I get every month that they had no intention of ever giving me in the first place.

She needs to read her contract and see what is involved in termination.

 

[yogooglethis]

She should call Gloria Allred. She is a bull dog, and loves the camera's. She is in california, but she loves to go after the money! And she may practice in fla.
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If she takes the case. Cha ching!

Because the carrier can terminate a contract for no cause I don't think she has a case and even if she did there isn't much public sympathy for insurance agents and Ms Allred being the savy media hound she is wouldn't want to get behind this unless this agent happened to be the Octo-Mom or Casey Anthony.

 

[CALTCAgent]

The was the only way I could ever imagine Bankers survived as a company.
business model: hire people to sell for you. Keep them around for a few months. After they sell X amount of product, get rid of them and keep the renewals for company revenues.

Don't forget, they keep all leads the agent generated. You couldn't even start without 200 in the past. They make copies.

They will keep all commissions of policies not delivered. All call backs come in to their number.

Policyholders will be given to more senior agents after being cherry picked by the branch manager.

So a revolving door is good business.