New Guaranteed Issue Product From AIG

[rousemark]

Even if that was the case with Gerber...then it wouldn't matter whether it be advanced or PAE. My point to him was simply most agents(and they all tell me) they don't care to write Gerber because they PAE. They would rather get advanced and take the chance of a chargeback.

So it works out either way if the agent gets advanced or PAE and get chargedback the same way...why not take the advance then?

I don't have an answer for you on AIG as fact. We have been writing them since they came out and only have had about 6 chargebacks in our entire agency. They typically happen on 1st payment.

BUT...thats all bank draft. I don't allow anyone under my umbrella to sell direct express or CC with them or any of my carriers.

Look as first post on this thread..

 

[dabulls]

Even if that was the case with Gerber...then it wouldn't matter whether it be advanced or PAE. My point to him was simply most agents(and they all tell me) they don't care to write Gerber because they PAE. They would rather get advanced and take the chance of a chargeback.

So it works out either way if the agent gets advanced or PAE and get chargedback the same way...why not take the advance then?

I don't have an answer for you on AIG as fact. We have been writing them since they came out and only have had about 6 chargebacks in our entire agency. They typically happen on 1st payment.

BUT...thats all bank draft. I don't allow anyone under my umbrella to sell direct express or CC with them or any of my carriers.

That is the dumbest thing I have ever heard. AIG GI charges you back the same way for lapses as they do for death (charging back earned premium)

There's nothing wrong with as earned with Gerber unless you are living paycheck to paycheck. Hell Gerbers payments at least pay off my truck and insurance.

I'll stick with Gerber.

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Look as first post on this thread..

He just doesn't get it...

 

[mbiallas]

That is the dumbest thing I have ever heard. AIG GI charges you back the same way for lapses as they do for death (charging back earned premium)

There's nothing wrong with as earned with Gerber unless you are living paycheck to paycheck. Hell Gerbers payments at least pay off my truck and insurance.

I'll stick with Gerber.

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He just doesn't get it...

Now I am confused which is really no surprise. Does Gerber chargeback for death or lapse within a certain time frame?

 

[goillini52]

Now I am confused which is really no surprise. Does Gerber chargeback for death or lapse within a certain time frame?

Death. 100% 1st year...50% 2nd year on commissions paid.

 

[dabulls]

Now I am confused which is really no surprise. Does Gerber chargeback for death or lapse within a certain time frame?

As mentioned by Goillini. Gerber only chargebacks deaths within the first year. Chargebacks for lapses on earned premium is highway robbery.

This is different than getting advanced 9 months and the policy lapses in the 6 month. You would be charged back the 3 months you did not EARN. Which is completely fine.

 

[BibH]

You boys need to learn your products. Gerber has no lapse chargeback and Aig and Great Western charge back for lapses in the first 3 months. On death claims Gerber and Aig charge back 100% in the first yr and 50% in the second yr. Great Western only charges back 100% the first 9 months for death. Columbian charges back 100% first 12 months for death.Ngl charges back 100% the first 6 months and 50% the second 6 months for death. Kemper charges back 100% the first 6 months and 75% months 7-12. The only carriers that charge back for Lapses are GW and Aig.Unless the person is very sicks i'd write Snl Rop. Higher commissions and no chargebacks for death .

 

[dabulls]

You boys need to learn your products. Gerber has no lapse chargeback and Aig and Great Western charge back for lapses in the first 3 months. On death claims Gerber and Aig charge back 100% in the first yr and 50% in the second yr. Great Western only charges back 100% the first 9 months for death. Columbian charges back 100% first 12 months for death.Ngl charges back 100% the first 6 months and 50% the second 6 months for death. Kemper charges back 100% the first 6 months and 75% months 7-12. The only carriers that charge back for Lapses are GW and Aig.Unless the person is very sicks i'd write Snl Rop. Higher commissions and no chargebacks for death .

You need to learn yours... AIG charges back 100% on lapses between 1-6 months and 50% 7-12.

 

[BibH]

Todd King posted on here about 2 months ago that AIG changed there lapse term to 100% months1-3 then no lapse pullbacks.

 

[dabulls]

Todd King posted on here about 2 months ago that AIG changed there lapse term to 100% months1-3 then no lapse pullbacks.

If that's true, it makes the AIG product more appealing. As most things, I'll believe it when I see it...

 

[goillini52]

If that's true, it makes the AIG product more appealing. As most things, I'll believe it when I see it...

Petey's correct. I made a copy, but I can't copy and paste the link. Todd posted it 01/10/2017 and it's revised 12/2016.

Chargeback for lapses is 25% in months 1-6 and 0% months 7-12, and chargeback on death is 100% in months 1-12 and 50% months 13-24.

Yours is revised 07/2016.