New zero premium life insurance policy/life settlements
- Thread starter maryjd123
- Start date
And who is to say the investment company is not funded by reinsurers?
What is your fascination with a plan that may never get off the ground and only pays $250?
As I said before, I can't believe this thread has legs. Must be a lot of folks looking for what they perceive as an easy $250. The most difficult sale you can make is the one where you give away something for free.
Trust me on that one.
I dont sell final expense.
Of course, folks said the same about med supp business going away when the HMO's got in the pool.
Some HMO's stayed, but a lot pulled out.
Now the same is said about MA business (with zero premium) killing the med supp business.
Is it having an impact?
Sure.
Has the med supp business gone away?
Not yet.
Many of last years MA players are no longer around. Others are raising their premiums and changing benefits. Do you think maybe the MA business isn't as profitable as they imagined?
Nah. That would never happen.
Not saying this zero premium wont work, but there is an awful lot of hype and that scares me.
- Staff
- #254
then BAM....we lost our lic, to sell insurance because of greed.....was it worth it......hummmmm.......when I look back on my deal.....HELL NO IT WAS NOT WORTH IT..........
angwagner1974
Expert
we can't lose our license if we are not selling the product... already cleared that up with the state. NC DOI told us to make sure that before we offer it for sale that it is offered by an insurance company and that the form numbers have been approved with the state.
We have been in the insurance business for a good amount of time... would not jeopardize a license for anyone... can just go off of what the state tells you.
- 185
Am I the only that works around here ... gees guys, make some cold calls and stop posting on this thread, dammit !!!
p.s. we're shopping contracts here ... what's the biggest you guys have heard ?
p.s. we're shopping contracts here ... what's the biggest you guys have heard ?
- Staff
- #257
then BAM....we lost our lic, to sell insurance because of greed.....was it worth it......hummmmm.......when I look back on my deal.....HELL NO IT WAS NOT WORTH IT..........but really....if you step back and not rush in time will tell....because guess what....they can not sell everyone in this age group in 2 years just to make a dent......so if you have agents that want to do this with or with out you say you can work my leads and sell this deal just pay me a $10 to $20 referral fee on the sell and tell me how your case's go....(keeping your name off any binding contact's).....if it turns out legit...we will talk.......just my thoughts .....then again I have had a drink this evening....
- Staff
- #258
really.....guess what baby......this POS bastered ( Scott Rutherford of Houston) that got me into this deal never sold a policy also.....guess what all these people did not sell a policy....
http://www.insurancejournal.com/news/southcentral/2004/06/03/42871.htm
Seven Indicted for Fraud in Travis County, Texas
June 3, 2004
The Travis County (Texas) District Attorney's Office announced that a Travis County Grand Jury returned indictments charging seven people with the felony offense of unauthorized insurance. The Insurance Fraud Section of the District Attorney's Public Integrity Unit is prosecuting the cases involving the alleged insurance fraud.
The indictments accuse the seven individuals of selling bogus insurance products to Texas consumers in need of affordable health insurance. Those indicted are: Michael DeBello, possibly of Pennsylvania; Chris Ashiotes of New Jersey; Michael Divece of New Jersey; James Doyle of New Jersey; Donald Smith of Plano, Texas; Rhonda Porter of Plano, Texas; and Scott Rutherford of Houston, Texas.
The DA's office said many consumers across Texas paid premiums to sham companies operated by these defendants and then found themselves uninsured after discovering that they had purchased worthless, non-existent insurance policies.
"Innocent Texans were defrauded by the lies of these defendants. They betrayed the trust that is the foundation of the insurance industry. It is the mission of the Public Integrity Unit to hold accountable those who would betray the trust of the public," said District Attorney Ronald Earle.
According to the DA's office the defendants utilized sham insurance companies and unions and associations operating in Texas to market the bogus products.
The indictments allege that the defendants used the following company and association names: Employers Mutual LLC; American Benefit Society; Privilege Care Inc.; Privilege Care Management Group; Professional Industrial Trade Workers Union, or PITWU; International Union Industrial and Independent Workers, or IUIIW; International Union of Petroleum and Industrial Workers, orIUPIW; and International Union of Public and Industrial Workers, or IUPIW.
The indictments are the result of a joint investigation by the Travis County District Attorney's Public Integrity Unit and the Texas Department of Insurance Fraud Division.
Unauthorized insurance is a third degree felony punishable by two to ten years in prison and a fine of up to $10,000.
https://wwwapps.tdi.state.tx.us/inter/asproot/commish/da/searchdb.asp
Texas Department of Insurance
The Texas Department of Insurance has issued the following enforcement actions. Copies of the orders may be obtained by calling the Chief Clerk's Office at 512-463-6326 or sending an e-mail request to [email protected].
Only final orders are listed. An order imposing disciplinary measures becomes final 20 days after the agent or insurance company has received notice of the order unless a motion for rehearing is filed within that period. A motion for rehearing stays the finality of an order until the Commissioner of Insurance acts upon the motion or upon the operation of law. Commissioner's orders are subject to appeal to state district court.
Search Results for 2004
Summaries of the orders found in your search for. "Rutherford"
Rutherford, Scott David of Houston
Order Number: 040195
Date of Order: 3/1/2004
Order Final In: March
Action Taken: $300,000 fine plus restitution; Cease and Desist; General Life, Accident, Health and HMO License revoked
Violation: Acted as an agent for unauthorized entities; Violated emergency Cease and Desist Order; Engaged in fraudulent or dishonest acts or practices
and he never sold a client......he had me do it for him.......have fun on this little deal.......
- 546
I never seem to be at the right place at the right time. I've got POGs and Beenie Babies coming out of my A$$
Sti you are tripping about the loss of your lic, as long as the company and the app are real, and you tell the truth, what's the problem. Once they say it's a go, call up DOI and ask. If cool sell 5-20 a day and make 1250 to 5000 a day. And the example you just gave with the bougus health plan or discount plans that try to pull themselves off as real insurance, can be found out by any halfway compentent life agent. If this thing is legit and we are not getting punked you and every other agent should and would get in on it. Because while we know it's hard enough to give someone anything, it's not that hard that you can't give away 5 a day. And I know you and the other guys out there that are mocking this are only trying to help, but enough of the scare tactics. If it's real, we will make alot of money quick, if not we will just go back to the harder way. So, lets keep asking questions but to mock is foolish. And since when is 250 no money, sure it's not a whole lot considering some comm, but in the senior market it's okay, and to make that money without losing a client because they can't pay, that just sounds too good to be true, and who knows maybe it is, but what if it's not?
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