The carrier is a secret because upon launch of product it will affect the stock price. I understand there will be an IPO issued. So that tells us this is a publicly traded company. Been told this is an A -rated one too.
And from the beginning I haven't liked the set commish paid to agents. I see this (just like MA's) as slowly destroying the agency model for the agent. So they're forcing us to provide our own leads, mktg, etc, at a lower return than you would have earned in the traditional manner. But what agent wants to risk not having this product...as i'm sure news will spread like wildfire....and open up another income stream. Plus if successful, other companies will come on board.
The biggest puzzler: is truly the insurable interest. Why is a non-related party allowed to purchase a DEATH benefit on another?? If there is any one fact drilled into every insurance agent it is always 'INSURABLE INTEREST, INSURABLE INTEREST!!" Why are the DOI's permitting this?
Is there a plot underfoot to decimate our seniors, and we the unsuspecting agents are unwittingly feeding sensitive info to a large database? Are we all becoming the world's bullseye?
Before you laugh, or hurl tomatos at me, let's check those war clauses, and other exceptions. LOL
"ALI SHAHRAK, MBA, PhD., PRESIDENT, CEO
Dr. Ali Shahrak is the President and CEO of Miracle Insurance & Financial Group. He has over 15 years experience in the insurance business as an executive and founder of 3 insurance related companies. Dr. Shahrak has served as a Special Forces Commander, Fighter Pilot Instructor, Aviation Base Commander, and has taught at The College of Radiology specializing in Nuclear Medicine.
Holding 12 degrees in various disciplines, he is fluent in 4 languages and has visited over 150 countries worldwide. "
Yes...I am skeptical. It's amazing, with that background, there is so little information on him. And by the way...The American College of Radiology has NO RECORD of this man.
I promise...I'll eat crow if all of this is true, but for now...woof woof..This is a dog with fleas.
One other thing my inquiring mind would like to know.....Are these foreign based companies and investors setting this up? Even though many American co's have global interests, I would like to "follow the money".
This concept was 3 years in the making....what else is being dreamed up?
I can't get specific...but if there were going to be an IPO...we would know about it NOW. Specific Financial records and audit-proof data would be on file.
I agree, Chumps. Just like the NC DOI knows more than what was told to me over the phone. Here is a guy in their back yard (both in Raleigh) generating tons of phone calls to their dept, yet they know nothing? Well ma'am, if you folks know nothing, aren't you superflous to the coffers and needs of the NC public?
The carrier is a secret because upon launch of product it will affect the stock price. I understand there will be an IPO issued. So that tells us this is a publicly traded company. Been told this is an A -rated one too.
Just to clarify, the statement that there will be an IPO tells us this is NOT a publicly traded company. You are publicly traded after the IPO.
Also, it is doubtful they would be able to do this type of product launch if they were in the quiet period of an IPO launch. Sorry, this statement would make me very nervous about the company.
Since most of this is simply heresy, my concern is still I want to understand the insurable interest. When you figure this out, you usually figure out if it's a legitimate thing, or if it's not. Personally, I'm always skeptical of getting something for nothing. I love the idea of getting things for free, but it does cause my 'Warning.... Warning, Will Robinson' detector to go off.
Agent Profile [COLOR=Black] ALIREZA SHAHRAK [/COLOR] [COLOR=#ffffff][COLOR=Black] A[/COLOR]ddress:[/COLOR] [COLOR=#ffffff] 5710 SIX FORKS RD 2ND FLR
RALEIGH, NC 2760[/COLOR][COLOR=#ffffff]
[/COLOR] License ID License Type Qualification Most Recent Issue Date Exp Date Status 1274333 General Lines Agent Life, Accident, Health and HMO 05/07/2004 05/07/2008 Active
Appointments
ALIREZA SHAHRAK Company Active
AMERICAN INCOME LIFE INSURANCE COMPANY 05/20/2004
AMERICO FINANCIAL LIFE AND ANNUITY INSURANCE COMPANY 03/23/2006
CONTINENTAL LIFE INSURANCE COMPANY OF BRENTWOOD, TENNESSEE 05/12/2006
PACIFICARE LIFE AND HEALTH INSURANCE COMPANY 03/28/2006
SHENANDOAH LIFE INSURANCE COMPANY 03/16/2006
UNION BANKERS INSURANCE COMPANY 03/22/2006
UNITED AMERICAN INSURANCE COMPANY 03/22/2006
UNITED HEALTHCARE INSURANCE COMPANY 03/14/2006
UNITED HEALTHCARE OF TEXAS, INC. 03/14/2006
WORLD INSURANCE COMPANY 06/03/2006
Do any of you really want to, in essence, turn over your entire client base to these people? Isn't that what we would be doing, giving them all the data we have on our clients when we write a policy?
------------------------------------
Medicare Supplement Sales Training and Coaching.
"The Perfect Contact Management Program (CMP) for the Insurance Professional" www.YourInsuranceOffice.com
877.633.0808
Ali Shahrak – CEO
According to the NC DOI Web site – he is under investigation
When we called the NCDOI last week they told us that they were receiving a lot of phone calls and had no information. They would need to know the insurance company name to look up approval but they did say that they were hoping that agents would write a complaint so that they could investigate into this matter and see what it is. They told us that is the only way they can look into it so maybe some agents posted complaints and that is why he is listed under investigation.
Wow...our info is beginning to jell here. Old people is a good market....someday you will be one too.
I have noted the target age range 65-85 and in good health.
Since the commish is between $250-500....that's a big spread. So this is like MLM in that the more you recruit the higher your pay.
How come no one is talking about that?
I do not know if I am wrong to post this but every agent is to get $250 for the policy only... my husband was told (by Miracle Insurance) that if anyone was paid more the recruiter would be fired. There is an agent recruiting bonus and that level is at 100 agents and then after you recruit 1000 agents.
if anyone was paid more the recruiter would be fired
Thats a load of crap. When I was trying to get a United World contract, about every FMO told me the same thing " we can only give 15%, thats United World's rules". Gosh some how I got a 17% contract with no production requirements. I wonder why he didnt follow the "rules". SO the FMO gets 24% and can only pass on to us 15%. Its a freaking rip off! Its the FMO's rules cuz they are money hungry. FMO's are just trying to get us to work for less money.
Honestagent.... I believe I talked to you on the phone before and YOu told me how you are tired of getting screwed over. Don't you think you should be skeptical of this? or do you not care if you get screwed again? If you arent the person I talked to sorry.
I had a phone conversation this morning with an agent who said he has talked to Ali Shahrak numerous times on the phone.
He was told by Ali Shahrak that the override will go as high as $200 per policy if enough agents are recruited by an individual. If he is paying as high as a $200 override one can only guess how much he is making. That must be where the hundreds of millions come into play.
He also said that several general agents have already called him trying to get him to sign up and one of them offered him $275 per app, all the rest offered $250 per app.
Thats a load of crap. When I was trying to get a United World contract, about every FMO told me the same thing " we can only give 15%, thats United World's rules". Gosh some how I got a 17% contract with no production requirements. I wonder why he didnt follow the "rules". SO the FMO gets 24% and can only pass on to us 15%. Its a freaking rip off! Its the FMO's rules cuz they are money hungry. FMO's are just trying to get us to work for less money.
Honestagent.... I believe I talked to you on the phone before and YOu told me how you are tired of getting screwed over. Don't you think you should be skeptical of this? or do you not care if you get screwed again? If you arent the person I talked to sorry.
My husband heard that directly from Ali Shahrak, in person. I do not know what other people are willing to do. I know that he was told and had to sign a paper that said Miracle Insurance would terminate anyone found to be paying more than $250 per application. They want to keep it a standard amount across the board and do not want any discrepancies.
With that said, people that are recruiting are going to do whatever they can to get people... that does not change the rules, it just changes what they are willing to do.
If you write a personal policy, you make $250.
There are 3 additional levels for recruiting. The first 100 people. Then after 100 people, then after 1000 people. The person that recruits you is responsible to PAY you so make sure that you trust them.
He is just following the rules that he signed and I just passed them on... do not need to get flamed for it.
Last edited by angwagner1974 : 04-26-2007 at 07:00 AM.
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