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While writing up an app last Thursday it occurred to me that the Temporary Insurance Agreement could be used as a pretty good marketing tool. You know...they are covered from app date (assuming they get approved) and you can advance the 1st premium up to 60 days (PAC or CC). (BTW, last Thursday was Halloween and I would not recommend working in a full body pumpkin outfit...trust me on that.) Anyway....so that if you were to write an app today you could advance their 1st premium up to January 6th. And you still get paid upon issue.
So I wanted to talk about the problems that may arise with doing this. For example...with a 60 day advance they may forget about the policy...or you, for that matter. Has anyone done this, and, if so...what where your pros and cons?
I asked 5-Star about this and the guy I talked to was fine with it. Not sure what the DOI would say about it, though.
Any thoughts on "Yea, Dude....I can get you a free month or two..."?
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By the way...for those that don't know the procedure on this, I listed it below:
So I wanted to talk about the problems that may arise with doing this. For example...with a 60 day advance they may forget about the policy...or you, for that matter. Has anyone done this, and, if so...what where your pros and cons?
I asked 5-Star about this and the guy I talked to was fine with it. Not sure what the DOI would say about it, though.
Any thoughts on "Yea, Dude....I can get you a free month or two..."?
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By the way...for those that don't know the procedure on this, I listed it below:
Temp Ins Procedure:
1) TIA page - Fill out as if live check (write in premium amount).
2) Check "yes" on app (temp ins question on page 4)
3) Fill in future draft date on "5-Star only" box (Example: 12042113)
4) Leave "Amount paid with application" blank on page 1
5) Go have a drink.
1) TIA page - Fill out as if live check (write in premium amount).
2) Check "yes" on app (temp ins question on page 4)
3) Fill in future draft date on "5-Star only" box (Example: 12042113)
4) Leave "Amount paid with application" blank on page 1
5) Go have a drink.
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