- 299
Anyone have experience with this group? Was quoted about $464 for $1Million/$2Million for Life and Health.
E&O from Iworldfg.com
- Thread starter GAHEALTH
- Start date
This is not E and O Insurance. But a risk sharing plan. Read all of the small print.
Most of the Insurance Companies require true E and O Insurance.
I once promoted them before I knew any better. They pay people $100 per sign up with them.
- Thread starter
- #3
- 299
Isn't the eandoforless.com the same thing - a risk sharing plan? Isn't that what the Calinsurance company is pushing?
- 14,809
No. All E&O is actually insurance. This is not insurance at all:
www.iworldfg.com
"I am aware that iWorld Financial Group is not an insurance company, but rather a Risk-Sharing Plan. These Plans are not governed by insurance laws. Risk-Sharing Plans are not insurance, and are not intended to replace insurance products or coverages. Covered individuals do not have the same protections as under licensed insurance policies. Such Risk-Sharing Plans are not regulated by the Insurance Commissioner's Office, thus the office has no ability to force such Plans to take any action should a consumer have a non-resolved problem."
"iWorld Financial Group is a privately-held, owned, managed, and operated corporation established in Belize. Therefore, they are not required to disclose their private financial information to the public or financial rating companies."
"Because iWorld Financial Group has their main operations headquartered in Belize, I am aware that there may be an "International Transaction Charge" made to my credit card by my credit card company and/or my bank. iWorld does not charge these fees, and is therefore not responsible for refunding them."
www.iworldfg.com
"I am aware that iWorld Financial Group is not an insurance company, but rather a Risk-Sharing Plan. These Plans are not governed by insurance laws. Risk-Sharing Plans are not insurance, and are not intended to replace insurance products or coverages. Covered individuals do not have the same protections as under licensed insurance policies. Such Risk-Sharing Plans are not regulated by the Insurance Commissioner's Office, thus the office has no ability to force such Plans to take any action should a consumer have a non-resolved problem."
"iWorld Financial Group is a privately-held, owned, managed, and operated corporation established in Belize. Therefore, they are not required to disclose their private financial information to the public or financial rating companies."
"Because iWorld Financial Group has their main operations headquartered in Belize, I am aware that there may be an "International Transaction Charge" made to my credit card by my credit card company and/or my bank. iWorld does not charge these fees, and is therefore not responsible for refunding them."
Eandoforless.com is e and O insurance.
If you notice the other company never uses the word insurance.
Companies like Marsh or Calsurance are the leaders in E and O Insurance.
JrGuru
New Member
- 16
Wow, great info. I have refered people to iworld before, not anymore.
- 1,310
The Florida Department of Insurance apparently is not amused, either, with iWorld's offering.
FLOIR Media Release - Office Orders Companies to Cease and Desist the Unauthorized and Unlicensed Sale of Insurance in Florida
Office Orders Companies to Cease and Desist the Unauthorized and Unlicensed Sale of Insurance in Florida
Wednesday, May 16, 2012
TALLAHASSEE, Fla. – Florida Insurance Commissioner Kevin McCarty issued an Order to iWorld Financial Group (iWorld) and United Defend Company a/k/a United Defendco (UDC) for these entities to cease and desist engaging in the unauthorized and unlicensed sale of insurance in the state of Florida.
The Office received information that iWorld and UDC offered, issued and/or administered errors and omissions coverage to insurance agents in Florida without a license through Facebook and the following websites: posterious.com, www.uniteddefendco.com), and E and O For Less - For Insurance Professionals.
Both companies list the same business office location in Grandville, Michigan. Office records indicate iWorld and UDC have never been authorized to sell insurance in the state of Florida. They have 21 days to respond to the Order.
Consumers should research companies before they buy insurance. The Office has an online "company search" tool that allows consumers to determine whether a company is authorized to sell insurance products in Florida.
Contact: Jack McDermott Amy Bogner
850-413-2515 850-413-2515
[email protected] [email protected]
About the Florida Office of Insurance Regulation
The Florida Office of Insurance Regulation has primary responsibility for regulation, compliance and enforcement of statutes related to the business of insurance and the monitoring of industry markets. For more information about the Office, please visit Office of Insurance Regulation or follow us on Twitter @FLOIR_comm.
- 14,809
And all of a sudden they're having server problems: iWorldFG.com | Errors and Omissions Coverage
- 3,344
I have this E and O and no carrier seems to care when I send them my certification with these guys. If the insurance companies recognize it thats good enough for me.
- 1,310
On the contrary, Foresters stopped accepting it as E&O six months ago and I'm sure others will now be rejecting it.
Similar threads
