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Reply to Degree Of Honor Life Insurance Company?     
Old 10-11-2012, 06:17 PM   #11
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Rearden on Degree Of Honor Life Insurance Company? - Insurance Forum
 
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Degree Of Honor Life Insurance Company? Re: Degree Of Honor Life Insurance Company? Rearden is the thread starter for: Degree Of Honor Life Insurance Company?

Will do -- would prefer a carrier-specific form with the company's logo to emphasize the fact to prospects.
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Old 10-11-2012, 06:36 PM   #12
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rousemark on Degree Of Honor Life Insurance Company? - Insurance Forum
 
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Degree Of Honor Life Insurance Company? Re: Degree Of Honor Life Insurance Company?
Originally Posted by annuityseller View Post
I think they should've done this years ago!!! How's the average client to know this stuff?? And if the agent tells them the customer is thinking he's saying it just to get a sell!!!
It is not a just a case of what the client thinks, in many jurisdictions if the agent mentions the Guaranty Fund during the sales process he is violating the law and could lose his license.

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Old 10-11-2012, 07:11 PM   #13
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jacobtn on Degree Of Honor Life Insurance Company? - Insurance Forum
 
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Degree Of Honor Life Insurance Company? Re: Degree Of Honor Life Insurance Company?
Does anyone know if a fraternal has ever went out of business, or put clients in a situation where an insurance company would have been placed in receivership and the state fund been involved had they not been a non-profit fraternal? just curious.
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Old 10-11-2012, 07:15 PM   #14
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Degree Of Honor Life Insurance Company? Re: Degree Of Honor Life Insurance Company? Rearden is the thread starter for: Degree Of Honor Life Insurance Company?

Rouse, has the fraternals successfully lobbied to do just that in TN?
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Old 10-11-2012, 07:23 PM   #15
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gordon112 on Degree Of Honor Life Insurance Company? - Insurance Forum
 
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Degree Of Honor Life Insurance Company? Re: Degree Of Honor Life Insurance Company?
When where fraternal societies ever included into the Guaranty Fund in the first place?
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Old 10-11-2012, 07:47 PM   #16
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Norwayguy on Degree Of Honor Life Insurance Company? - Insurance Forum
 
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Degree Of Honor Life Insurance Company?
Originally Posted by Reardon
Rouse, has the fraternals successfully lobbied to do just that in TN?
They haven't lobbied...Many DOIs have this conflicting approach to mentioning the state guarantee fund. You are in most cases specifically prohibitted in bringing up the guarantee fund as a sales tool. Your not supposed to mention it unless the client asks....

At the same time the DOI chided agents when selling a fraternal for not mentioning its not covered by the guarantee fund. This was an issue in Maine with UCT medsupps a couple years back the DOI was upset that agents did not mention it.

The worry agents who are independent have is if you show the fraternal and mention the guarantee fund but end up selling another product specifically because the client is concerned about not being covered by the guarantee fund shouldn't be a worry but in light of the Glenn Neasham prosecution in Kalifornication I don't take anything lightly.

Personally I believe the DOIs are emberassed when people ask about the guarantee fund as you can pull up the current reserves of the fund and it can be very shocking how little is held.

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Peter G Langelier
plangelier@langelierinsurance.com http://www.langelierinsurance.com
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Old 10-11-2012, 08:30 PM   #17
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Degree Of Honor Life Insurance Company? Re: Degree Of Honor Life Insurance Company?
Originally Posted by rousemark View Post
It is not a just a case of what the client thinks, in many jurisdictions if the agent mentions the Guaranty Fund during the sales process he is violating the law and could lose his license.
Exactly. I don't know of ANY states that allow that discussion....does anyone else?
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Old 10-11-2012, 08:46 PM   #18
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rousemark on Degree Of Honor Life Insurance Company? - Insurance Forum
 
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Degree Of Honor Life Insurance Company? Re: Degree Of Honor Life Insurance Company?
Originally Posted by jacobtn View Post
Does anyone know if a fraternal has ever went out of business, or put clients in a situation where an insurance company would have been placed in receivership and the state fund been involved had they not been a non-profit fraternal? just curious.
Fraternal society puts $12 million lien on policies | TribLIVE
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Originally Posted by Reardon View Post
Rouse, has the fraternals successfully lobbied to do just that in TN?
Not a case of fraternal lobbying for it but it is not permitted in Tennessee..

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Forget the health food. I need all the preservatives I can get.

Last edited by rousemark; 10-11-2012 at 08:47 PM. Reason: Posts merged
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Old 10-11-2012, 08:53 PM   #19
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Degree Of Honor Life Insurance Company? Re: Degree Of Honor Life Insurance Company?
Originally Posted by rousemark View Post
Fraternal society puts $12 million lien on policies | TribLIVE
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Not a case of fraternal lobbying for it but it is not permitted in Tennessee..
That link does not address the question jacob asked.
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Old 10-11-2012, 09:17 PM   #20
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rousemark on Degree Of Honor Life Insurance Company? - Insurance Forum
 
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Degree Of Honor Life Insurance Company? Re: Degree Of Honor Life Insurance Company?
Originally Posted by jdeasy View Post
That link does not address the question jacob asked.
Had that been a stock company without the ability to make assessments, it may well have been placed into receivership for not meeting reserve requirements.

I don't know of the total failure of any fraternal in recent years but there were several up through the early part of the 20th century. (Just as there were several stock and mutual companies that failed)

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Forget the health food. I need all the preservatives I can get.
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