Help "Breach of Contract"

legitxeris · 11-06-2009, 02:34 AM

Need Advice please,

I was working at Banker's Life and signed a contract that said within two years, I cannot convince a "POLICYHOLDER" to cancel or replace a policy if I leave the company.

On my last month at Banker's life, I wrote an annuity for $200,000. Charles Schwab declined the direct transfer because the account number did not match.

My big questions is this: Is my client considered a "policyholder?" Banker's life's lawyer sent a letter to me about "cease and desist and they are prepared to file a lawsuit."

What should I do? I dont' want to give up that annuity, it is worth so much money.

Robert Barney · 11-06-2009, 03:12 AM

It is obvious that the prospect is NOT a policyholder but have you given us all of the contract wording that might be applicable? What about individuals who are not policyholders who you may have solicited while contracted with the company?

And evern if you are in the right, they'll likely sue anyway, and you will have to fight it to win. The legal costs will be more than what you will gain by selling the annuity and getting the commission.

At this point I would not sell the client anything. What I would do is respond with a letter to the lawyer setting out your position that the individual is NOT a policyholder and that you are clearly NOT in violation of the contract. Make certain that your letter quotes the contract that you signed and underscore the facts.

Be cordial but very firm. Insist upon a response within a reasonable period, say 10 days. Advise them if you do not receive a response then you will assume that they now agree with your position and you will proceed to solicit the individual as they were never a policyholder. If they write you back, write them back. Keep them writing. The more you can get them to commit to paper before any lawsuits commence, the more evidence you have to support your position.

Charpress · 11-06-2009, 10:41 AM

You really need to post this question in the Life Insurance Forum. Only a few nutjobs ever read this forum.

Although, I did notice yesterday that while the other forums had maybe between 0 and 5 viewers each, the Non-Insurance forum had 19.

Robert Barney · 11-06-2009, 12:02 PM

Originally Posted by Charpress

You really need to post this question in the Life Insurance Forum. Only a few nutjobs ever read this forum.

Although, I did notice yesterday that while the other forums had maybe between 0 and 5 viewers each, the Non-Insurance forum had 19.

Right, because no one cares about this category in the forum. Another "ignore the evidence" moment on this board.