Not if the issuing carrier and/or reinsurer is also the investor.
Look at the list again. Many of the folks involved in reinsuring life policies are also major investors in the bonded life settlement business.
I understand what you are saying... I just have not heard that it is going to be set up that way so my head was blocked with the risk and not getting a piece of the death benefit.
Maybe for a lack of a better word, gutsy... here you are causing call after call to the NC DOI and you are not even willing to tell them anything about it. My husband said that NCDOI was very nice about it and said that they were waiting until next week... they did not sound too concerned
I just have not heard that it is going to be set up that way so my head was blocked with the risk and not getting a piece of the death benefit.
Neither am I suggesting that is the way it will shake out.
I do know that major companies, including reinsurers, invest heavily in bonded life settlements. There is no reason to believe, assuming this is a "real deal", that it wont happen here, especially if the investors are getting the lions share of the DB.
Still think the agents who get involved in this, if it ever get's off the ground, are getting the shaft.
When I was active with CGI there were a few states where I could recruit and earn overrides without having a non-res license.
What would be the benefits (other than the state fees) for not obtaining a non-residence license?
-J.R.
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[COLOR=#000066]"Tell me and I will forget. Show me and I will remember. Involve me and I will understand." Confucius
the investment company is paying the premiums... not the insurance company and not the reinsurer.
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.
I am not fascinated with it... just when I originally wrote my post about "how could the insurance company pay it" I was not thinking in any way whatsoever that the insurance company/reinsurer would get any part of the death benefit.
I said before that I found this forum because I was searching for more information on it... my husband met directly with Ali Shahrak and we still had questions (as does everyone)... anything that I post as fact is just what we have heard directly from ALI or the state.
As for the $250... that is nothing, I agree but the way that we are looking at it is there are A LOT of poor seniors that when you go to sell final expense they are not able to afford the premiums and they are not insured. I guess we are just hoping that this is real so that those poor people can get some coverage. As for selling this to a person that can afford to pay premiums... never but if this is real, it is going to screw up the final expense market for a long time... people will be replacing your sold business with a zero premium
Last edited by angwagner1974 : 04-26-2007 at 08:19 PM.
never but if this is real, it is going to screw up the final expense market for a long time... people will be replacing your sold business with a zero premium
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.
We are just waiting to see what happens. My husband contracted with them after he met them in person and saw they were real... does he think it is real? who knows, he wants to believe it is all legit. He had agents calling him and telling him they wanted to do it with or without him so he took a $10 chance.
I will tell you that he said the phone was ringing off the hook at Miracle Insurance - all lines so there are a lot of people doing it. We have that problem with our agents, once they started hearing about it they are not able to see anything else.
I know that my husband is starting to get calls from some of the companies that he represents are calling now to try and squash any type of recruiting. They seem a little nervous and were told that volume is down while people dream of being millionaires. Everyone knows the same... nothing
As for us, we are waiting to see either way... if it does not pan out, maybe some of the dreamer agents will get back to writing and if it does pan out, maybe for once our skeptical nature does not have us miss out. I just do not know.
Last edited by angwagner1974 : 04-26-2007 at 08:54 PM.
Reason: add
We are just waiting to see what happens. My husband contracted with them after he met them in person and saw they were real... does he think it is real? who knows, he wants to believe it is all legit. He had agents calling him and telling him they wanted to do it with or without him so he took a $10 chance.
I will tell you that he said the phone was ringing off the hook at Miracle Insurance - all lines so there are a lot of people doing it. We have that problem with our agents, once they started hearing about it they are not able to see anything else.
I know that my husband is starting to get calls from some of the companies that he represents are calling now to try and squash any type of recruiting. They seem a little nervous and were told that volume is down while people dream of being millionaires. Everyone knows the same... nothing
As for us, we are waiting to see either way... if it does not pan out, maybe some of the dreamer agents will get back to writing and if it does pan out, maybe for once our skeptical nature does not have us miss out. I just do not know.
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..........
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..........
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.
We are just waiting to see what happens. My husband contracted with them after he met them in person and saw they were real... does he think it is real? who knows, he wants to believe it is all legit. He had agents calling him and telling him they wanted to do it with or without him so he took a $10 chance.
I will tell you that he said the phone was ringing off the hook at Miracle Insurance - all lines so there are a lot of people doing it. We have that problem with our agents, once they started hearing about it they are not able to see anything else.
I know that my husband is starting to get calls from some of the companies that he represents are calling now to try and squash any type of recruiting. They seem a little nervous and were told that volume is down while people dream of being millionaires. Everyone knows the same... nothing
As for us, we are waiting to see either way... if it does not pan out, maybe some of the dreamer agents will get back to writing and if it does pan out, maybe for once our skeptical nature does not have us miss out. I just do not know.
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....
I agree in an ideal world hearing the name of the company and knowing all the details would have been best. My husband is NOTORIOUS for not making a move on anything before it is set in concrete and many times that he has he has missed out. He took a chance because he was sick of missing out... will it flop? who knows... will he lose his license? not according to the State but then again who knows? I guess he weighed it out all that he could and called and researched all he could and then took the chance.
He did tell me that if he was not having his agents ask to sign up and recruit under him it he would have waited
Last edited by angwagner1974 : 05-05-2007 at 06:29 AM.
Reason: reword... I am a lazy typer
we can't lose our license if we are not selling the product... already cleared that up with the state.
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....
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.
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 ChiefClerk@tdi.state.tx.us.
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
[COLOR=Red] and he never sold a client......he had me do it for him.......have fun on this little deal.......[/COLOR]
I guess I am a lazy forum typer... I keep getting in trouble with my lazy (incomplete) posts LOL
I did not mean that we were only going to set back and collect overrides. I meant that we were not going to sell or allow the people under us to sell until we know that it is legit. I meant we could not get in trouble for contracting while no one is selling anything... at least that is what we were told by the state. They said be absolutely sure that there is an approved form and that the product is through an insurance company before you market it.
Believe me, if they announce tomorrow that it is for sale in any state and we have agents there, we will call the DOI in that state and verify. If it is fishy, we are pulling out.
I am sorry that happened to you... thanks for the heads up
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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