Standard Won't Refund, Correct??

[Guest]

heard back from state DOI, no such law exists, Standard must pay them the unused premiums.

Only time I've ever had this happen has been with Standard

So what did Standard say when you called them back? Did they comply or tell you to stick it?

 

[Todd King]

Even if there was a law on the books saying any state was a "no refund" state, I just can't believe any insurance company would keep the "unearned" money. That would be such bad press.

If ever you call a company and they tell you something that absurd, ask to speak with their manager or hang up and call right back and get someone else on the line.

 

[abcsales]

I asked to speak to her manager and was told that she was on the phone. I said I would wait and the CS rep told me to call back and speak to the "legal dept".
Called back and spoke with the "legal dept" and when Blanche said she was going to look in to this, she hung up on me.

I have not had the chance to call back, I will do so first thing in the morning.

 

[G.Gordon]

Bankers Life, United National, Reserve National, now Standard Life... all companies I've heard about or had first hand accounts in not refunding unearned premiums.

 

[somarco]

This is absurd. The policyholder needs to file a complaint with the DOI.

 

[G.Gordon]

This is absurd. The policyholder needs to file a complaint with the DOI.

Not as absurd as you think. Missouri is a no refund state, but every carrier I've dealt with does refund with the exceptions of the ones mentioned. That is why, no matter who a potential client is with, if they have a balance left on their annual premium I call the carrier at the time of application to ask the question, then I note the person, date/time of call, etc. I have them on speaker in front of the client.

This case for the OP is not a done deal. He very well could have talked to someone at the DOI that voiced opinion instead of fact. If the CO DOI regs do not specifically require carriers to refund unearned premiums paid then it is up to the good will of the carrier.

 

[abcsales]

I spoke with 2 different people at the CO DOI. The first person told me that he would research this and the second person called me back to tell me that no such regulation exists in CO.

Called Standard this morning and they said that the person I was needing to speak with was "researching" this issue and would call me back.
There is nothing to "research" They are getting called out for giving out bogus information which may work for some insured, but not for this one.
- - - - - - - - - - - - - - - - - -
A manager from Standard just called me to tell me that the refund checks will be cut today.
Apparently the plans which they will not refund are plans which started before 2001, which was not the plans these people have. She will be informing her customer service people of this.

 

[glock32]

Bankers Life, United National, Reserve National, now Standard Life... all companies I've heard about or had first hand accounts in not refunding unearned premiums.

Never heard of any company not refunding unearned prem. call the legal dept for Standard. They all have lawyers on staff