How to get an fmo off your back

lts · 06-04-2008, 01:08 AM

Any thoughts on how to deal with an fmo that won't release you from your contracts

GreenSky · 06-04-2008, 01:12 AM

Originally Posted by lts

any thoughts on how to deal with an fmo that won't release you from your contracts

Going forward, get a pre-nup.

Who is the FMO and which carriers? I understand that Humana requires a 30 days release as of now.

If the FMO has done something dishonest (which is probably most of them), go to the carrier and get their advice. Otherwise you might have to have a "ghost writer" for the 6 months.

This is exactly the reason I hate crappy FMOs like Parker, AGA, Bever, Mikey, etc. They all are dishonest bastards.

Rick

lts · 06-04-2008, 01:20 AM

Greensky can you please define ghost writer

The New Guy · 06-04-2008, 01:40 AM

Ghostwriter - Wikipedia, the free encyclopedia

lts · 06-04-2008, 01:44 AM

Define as it relates to insurance..and how might I go about doing it? Also, why did you specify 6 months, does this time frame have a special meaning.

joshril · 06-04-2008, 01:53 AM

I would be careful about recommending ghost writers...

xrac · 06-04-2008, 08:28 AM

If you are married you can always get your wife licensed.

GreenSky · 06-04-2008, 10:33 AM

Originally Posted by lts

greensky can you please define ghost writer

Write business under another agent's number and have the agent pay you most of the commission.

When I had the same problem (my first) with an FMO, my son got his license and he signed the apps. Since I was already certified with the carrier, I could present the information and have my son write the app (also certified).

After my 6 months were over, I moved my contract.

This was my baptism and learned that most FMOs are crooks.

Rick

joshril · 06-04-2008, 11:58 AM

There are downsides to this method....

1. Tax Reporting
2. Loss of appointment
3. Chargebacks

lts · 06-04-2008, 03:22 PM

Thats not for me...for better or worse.....I keep it on the straight an narrow..BUT THANKS FOR THE INPUT

The Rabbi · 06-04-2008, 03:31 PM

The term is 'hidden broker'. Guess what it means to the ins co.

GreenSky · 06-04-2008, 04:03 PM

Originally Posted by The Rabbi

The term is 'hidden broker'. Guess what it means to the ins co.

Tell me what is the problem with this:

I have a contract with ABC Insurance and am certified for their MA plans. They DO NOT require a face to face.

My friend is similarly contracted and certified.

I see the client and pick up a signed application. My friend signs the application as broker and sends it to ABC Insurance.

Why would the carrier complain? Everything is done within compliance.

Rick

The Rabbi · 06-04-2008, 05:43 PM

Originally Posted by GreenSky

Tell me what is the problem with this:

I have a contract with ABC Insurance and am certified for their MA plans. They DO NOT require a face to face.

My friend is similarly contracted and certified.

I see the client and pick up a signed application. My friend signs the application as broker and sends it to ABC Insurance.

Why would the carrier complain? Everything is done within compliance.

Rick

I'm no big expert but compliance requires the agent signing be the one presenting. It would be like a straw purchase - hidden broker as I already said. Better check Medicare compliance.

GreenSky · 06-04-2008, 07:02 PM

Originally Posted by The Rabbi

I'm no big expert but compliance requires the agent signing be the one presenting. It would be like a straw purchase - hidden broker as I already said. Better check Medicare compliance.

What about mail in enrollments?

As far as that, then bring the other agent with you and split the commission.

What really is the issue is the lengths we have to go to get released by a dishonest FMO.

Rick

InsuranceBenefitsGroup · 06-05-2008, 12:15 AM

Rick with a D, please refrain from mentioning me as as dishonest a hole/bastard. You don't know me or my business. I have never directed anything negative at you unless you started it. Focus on you know who and his daily debates and debacles.

rawannam · 06-05-2008, 01:16 AM

Interesting signature IBG, whats the story behind that?

Mr. Bill · 06-05-2008, 02:01 AM

It's just a way of getting "digs" in, don't worry about it.

rawannam · 06-05-2008, 02:25 AM

Yeah I figured that, but posting something like that from a bogus sight just to ruffle feathers seems pretty lame and a fruitless labor, the personal bashing isnt necesary on a board like this. Oh well, it isnt going away anytime soon!

Mr. Bill · 06-05-2008, 09:09 AM

Actually, that site is pretty fun to read about Primerica and World Financial Group!

lyndell · 10-19-2009, 09:14 AM

Boy this forum is really helpful thanks guys