Great Western Underwriting

[Rearden]

GW chargeback for surrenders or lapses is for the eternity. It could be 10 years down the line and if the customer cancels the policy you pay back all commissions. Horrible policy.

It doesn't say that - re-read your commission grid and contract.

 

[Macker77]

"RETURN OF PREMIUMS AND COMMISSIONS
Agent shall be obligated to return to GWIC 100% of the commission paid to it by GWIC (regardless, in the case of an
Agent that has paid a Subagent, of the Agent’s ability to recover commission payments from the Subagents) for a policy if:
the insured dies within the first nine (9) months following issuance; the insured dies by suicide at any time during the suicide
exclusion time period; the policy lapses, is canceled or surrendered by the insured during the first three months of coverage;
the policy is rescinded at any time; GWIC is required to refund premiums by reason of fraud, malfeasance, or omission of
any kind by the Agent or its subagents at any time. If there is a reduction in policy coverage during the first year, GWIC will
pay commission on the reduced coverage as if originally issued for that reduced amount."

 

[HoosierLife]

"RETURN OF PREMIUMS AND COMMISSIONS Agent shall be obligated to return to GWIC 100% of the commission paid to it by GWIC (regardless, in the case of an Agent that has paid a Subagent, of the Agent’s ability to recover commission payments from the Subagents) for a policy if: the insured dies within the first nine (9) months following issuance; the insured dies by suicide at any time during the suicide exclusion time period; the policy lapses, is canceled or surrendered by the insured during the first three months of coverage; the policy is rescinded at any time; GWIC is required to refund premiums by reason of fraud, malfeasance, or omission of any kind by the Agent or its subagents at any time. If there is a reduction in policy coverage during the first year, GWIC will pay commission on the reduced coverage as if originally issued for that reduced amount."

I think this may be a case where you're misinterpreting what you're reading because you're not reading the commas and the colons.

 

[goillini52]

"RETURN OF PREMIUMS AND COMMISSIONS
Agent shall be obligated to return to GWIC 100% of the commission paid to it by GWIC (regardless, in the case of an
Agent that has paid a Subagent, of the Agent’s ability to recover commission payments from the Subagents) for a policy if:
the insured dies within the first nine (9) months following issuance; the insured dies by suicide at any time during the suicide
exclusion time period; the policy lapses, is canceled or surrendered by the insured during the first three months of coverage;
the policy is rescinded at any time; GWIC is required to refund premiums by reason of fraud, malfeasance, or omission of
any kind by the Agent or its subagents at any time. If there is a reduction in policy coverage during the first year, GWIC will
pay commission on the reduced coverage as if originally issued for that reduced amount."

It's only the 1st 3 months.

 

[Macker77]

Sorry but that is not what I see. I think you are mistaken. The part where it says 100% commission returned to the company if "the policy is rescinded at any time" is pretty clear cut.

 

[VolAgent]

Sorry but that is not what I see. I think you are mistaken. The part where it says 100% commission returned to the company if "the policy is rescinded at any time" is pretty clear cut.

Every company has a clause like that. If the company has to return the premium, you have to return the commission. They can't rescind the policy after 2 years barring something extraordinary, like never delivered the policy, claims by the insured it was fraudulently obtained, etc.

 

[bboman23]

Sorry but that is not what I see. I think you are mistaken. The part where it says 100% commission returned to the company if "the policy is rescinded at any time" is pretty clear cut.

Then don't write for any company you have. They all do that.

 

[SammyJ]

I've had a policy with them lapse in the 5th month and i got advanced 6 months. They pulled back the 1 month of unearned commish. That puts this silly conversation to bed.

 

[goillini52]

Sorry but that is not what I see. I think you are mistaken. The part where it says 100% commission returned to the company if "the policy is rescinded at any time" is pretty clear cut.

Then you need to put your glasses on. Also lapse and rescing are two different things.

 

[Deadlily]

Sorry but that is not what I see. I think you are mistaken. The part where it says 100% commission returned to the company if "the policy is rescinded at any time" is pretty clear cut.

You are missing the important part. The 100% commission will be charged back IF...
GWIC is required to refund premiums by reason of fraud, malfeasance, or omission of any kind by the Agent or its subagents at any time.

Also, as previously shared, there is a difference between a policy cancellation and a policy being rescinded by GWIC.