The Real Costs of Fractional (Modal) Premiums

And what do they say about taking commissions to offset fees? What do they say about selling policies that you also consulted on?

It wouldnt be hard to just post the law and put the issue to rest for at least the state of TX...

But why would I waste my time doing that when I know you're going to do it for me?

Go ahead, if you must.

Please offer your interpretation of the statute as well. I can't imagine what it could possibly be.
 
Hey Folks, I just completed a little project that explores the costs our customers pay when they choose to pay fractional (modal) premiums - that is to say, monthly, quarterly, or semi-annual (anything other than annual). snip. . .

Thanks and please feel free to comment if you have any feedback, good or bad.

This is HUGE Brother Michael! I grateful and humbled thanks for sharing this thoughtful visionshare.

A mentor of mine taught me early in my carreer, ". . . it is a pitted fight between the client and the agent. If one benefits, the other loses. . . the house (the carrier) never loses!
 
i'm sure there's a cost associated with offering monthly payments for free.. .for example .. i'm sure a competitor of Zurich life has a similar product that ends up coming the customer about the same ... although zurich doesn't charge for monthly payments..

Zurich has a minimum face of 2 million for term so I would guess that a lot of their plans are annual pay anyway.

----------

Holy crap, I should have read the whole thread before posting.

I break it down like this (to keep it simple):

You have 2 ways to get sued...

1) hold yourself out to the public in a way that is inconsistent with your business practices.

2) adopt business practices that are inconsistent with the requirements of your licenses, designations, or state/federal regulations.

Almost everything discussed here mainly comes down to litigation. Avoid the two points above and you should be fine. Run afoul of them and piss someone off, then you're likely in trouble.
 
This is HUGE Brother Michael! I grateful and humbled thanks for sharing this thoughtful visionshare.

A mentor of mine taught me early in my carreer, ". . . it is a pitted fight between the client and the agent. If one benefits, the other loses. . . the house (the carrier) never loses!

Thank you, Tevis. I'm very pleased you found some value in the work.:)

----------

Zurich has a minimum face of 2 million for term so I would guess that a lot of their plans are annual pay anyway.

----------

Holy crap, I should have read the whole thread before posting.

I break it down like this (to keep it simple):

You have 2 ways to get sued...

1) hold yourself out to the public in a way that is inconsistent with your business practices.

2) adopt business practices that are inconsistent with the requirements of your licenses, designations, or state/federal regulations.

Almost everything discussed here mainly comes down to litigation. Avoid the two points above and you should be fine. Run afoul of them and piss someone off, then you're likely in trouble.

I appreciate those thoughts, Tahoe. And I would guess you're right about Zurich.
 
Back
Top