LI Brain Teaser for the Day

[scagnt83]

Who knows the answer?
(yes I do know, just thought it was an interesting situation to share)



The Owner/Applicant/Payor resides in SC
The Insured resides in TX

The app was signed by the Owner in LA
The app was signed by the Insured in GA

The app was solicited in SC & will be delivered in SC

What state app do you use?

 

[STIBROKER]

Texas....hope you have a Lic here.....

 

[theinsuranceman]

Depends on the Co. The state the owner is in is what my Co.'s use for FE.

 

[jdeasy]

Depends on the Co. The state the owner is in is what my Co.'s use for FE.

That is my answer as well. Some companies tell me to use the owner state in those cases. Some companies tell me to use the applicant's state app.

 

[scagnt83]

It could vary from company to company possibly, since the company is the one who has to recognize the claim...

But according to LFG "situs" (issue & contract state) is determined by the location of the Owner during the solicitation & delivery of the policy.


What I found particularly interesting was this statement:
"The insured is not a party to the
policy, and therefore is not the party being solicited (with the exception of certain trust
arrangements, to be discussed below)."



So basically the insured could be in china and if the owner was in florida it would be a florida app...

 

[dgoldenz]

It could vary from company to company possibly, since the company is the one who has to recognize the claim...

But according to LFG "situs" (issue & contract state) is determined by the location of the Owner during the solicitation & delivery of the policy.


What I found particularly interesting was this statement:
"The insured is not a party to the
policy, and therefore is not the party being solicited (with the exception of certain trust
arrangements, to be discussed below)."



So basically the insured could be in china and if the owner was in florida it would be a florida app...

Yep....but the insured would still have to sign the policy in the US. State forms are always based on where the owner signs as far as I've known.

 

[scagnt83]

State forms are always based on where the owner signs as far as I've known.

Thats the thing... :

"Situs is determined by the location of the owner/applicant during the solicitation and delivery of the life insurance policy."


Its based on solicitation and delivery... not on the signature.

 

[laurig124]

State generated - mailed from.