Scroll down for a discussion on New zero premium life insurance policy/miracle/financial/group within the Senior Insurance Forum.
Originally Posted by john_petrowski
No - the appointment fees are required by the state. They are unavoidable. The only way to avoid the fees would ...
No - the appointment fees are required by the state. They are unavoidable. The only way to avoid the fees would be everyone writing deals under Ali's agent number which would be physically impossible and also an insurance violation.
In case no one here recruits - when you get an agent from let's say Florida there's a $60 appointment fee. If you're a FL agent and get contracted directly with a company you'll have to remit $60. If not, then the company has to pay the $60 for you.
This means Ali gets 100,000 agents with the average state appointment fee being around $25. He's collecting $10. That means he's have to remit 1.5 million dollars in upfront fees. Do you believe that? I don't.
The gig is up because Ali never plans on appointing anyone. If he did you've have to remit the fee that relates to your state with the app. If anyone's trying to say you can sell an insurance product without an appointment that's a stone cold lie.
Busted.
Thanks for the clarification John. Are you going to be able to be on the call tomorrow? I'm very interested to hear how (if) they respond to that. It may just be more fuzzy math, but hopefully, they'll have the answer.
Anyone here on this board go ahead and call any insurance company you like (unless you're in one of the 4 states that have no fees) and say you want an appointment but don't want to pay the appointment fee. Get back to me on that.
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Here's my original post arnguy...I said right up front this had nothing to do with this program....
You still don't get it. MA is a Federal program. It is quite understandable that your DOI did not have information (I guess they don't read the newspapers). This zero premium is a plan that requires approval from each State in which it is sold. Apples to oranges comparison!
OMG.....now it's June. How much longer can this go on? I am getting strung out with anticipation, however, if it doesn't work maybe SalesWolf can sell us a sales Program on how to write 1,000 policies a year.
Thanks for the clarification John. Are you going to be able to be on the call tomorrow?
I am sure he will .....just not from the same phone #....which brings me to the point that if you put out a solicitation (to agents or the General Public and don't try to BS me....the public will start seeing all this if not already....) and mention any type of insurance benefit you have to list the company that is offering said benefit....so on todays call when homie told all you guys you can set up a web sight and tell benifit details like death beinie's and someone else paying the prem. now you have an agent breaking DOI advertising laws...this should go for Ali also......lets count the strikes against now....
That would be the case. No insurance company on this planet would allow certain details to be marketed without prior adversiting approval. You cannot post things like the DB or structure of the plans without compliance.
If this insurance company actually existed anyone with a current website talking about certain plan benefits would get a cease and desist.
There is no company.
Heck, you can't even slap up a site like this: http://www.zerocostpolicy.com/ with a company you're already licensed with and selling.
If I put up a site like that for Assurant and just rattled off a few of their benefits I'd lose my appointment.
Last edited by healthagent : 05-10-2007 at 01:09 PM.
You still don't get it. MA is a Federal program. It is quite understandable that your DOI did not have information (I guess they don't read the newspapers). This zero premium is a plan that requires approval from each State in which it is sold. Apples to oranges comparison!
Yes...I realize the difference. The POINT of my post though was that the DOI's don't have all of the information until it's submitted to them. Which is the case with the zero premium program. It hasn't been submitted to them yet.
It's not an apples to apples comparison and I said that right off the bat. "This isn't the same thing........
Did anyone ask about ALi's record??? or did anyone find out what happened at his court date?
yea John did......and about his doi investiation that they pawned off as it was because of this....and the moderator confirmed that he was from iran....
I agree........I know what you're trying to say, these are two seperate entities and have different rules/approval processes. I get that, Listed below is my exact wording on this
Originally Posted by insurance0707 I know this doesn't have anything to do with this program, but my point is when something new may be coming out, the DOI may not have all the info either. I'm sure once it's submitted to them, it will be a different story.
I get what your saying arnguy but i guess you didn't get my point of the post because I clearly said I know this has nothing to do with the MA program..
If we (or any country) launches a barrage of cruise missiles, intent on taking out Iran's nuclear capability, will that have any affect on the Zero Premium Life roll out?
I we (or any country) launches a barrage of cruise missiles, intent on taking out Iran's nuclear capability, will that have any affect on the Zero Premium Life roll out?
I am going to have to report that to national secrurity.
The Department has received a number of inquiries from Georgia resident licensed agents who have been solicited through e-mail and facsimile transmitted advertisements to sell Zero Cost, No Cost, No Premium, Zero Premium or Zero Payment insurance coverage to their clientele. These advertisements will typically come from licensed agents or agencies located outside of the State of Georgia and offer to pay the agent a fixed-fee payment for each policy of coverage that is procured, most often the sum of $250. The coverage most commonly offered is advertised as “final expense” or “final arrangement” whole or universal life coverage for the insured in the face amount of $15,000. Though not always directly indicated, coverage is targeted to those who are 65 to 85 years of age. To the extent that the communication discloses such information, it states or implies that the coverage provided under the policy will be paid for by unidentified others having a beneficial interest in the remaining face amount of the insurance policy being offered. This coverage may also involve undisclosed premium financing arrangements. These solicitations to agents will characteristically fail to directly disclose the name of the insurance company providing the coverage, but indicate or imply that it has already been approved for sale in the State of Georgia. The Georgia Department of Insurance has opened an investigation to ascertain whether, and the extent to which, these solicitations directly violate any Georgia Statutes and Regulations applicable to the sale of universal or whole life insurance products. Pending completion of the Departmental investigation, all Georgia licensed agents are cautioned by the Commissioner to refrain from entering into any agreement or arrangement to market or sell a life insurance product where an unnamed individual or company is offering to pay for all or a significant portion of the insurance coverage on behalf of the insured, where the insurance company offering the product is not disclosed up front in any advertising about the product, where there is a third person or entity having a remaining beneficial interest in the balance of the coverage beyond that afforded to the insured, or where you, as a licensed agent are not being directly “appointed” to market or sell a final expense life insurance product by an insurance company that is offering the coverage in Georgia. For those of you still considering selling this, in the words of Gomer Pyle, "For shame for shame for shame."
And for more fun I got an email and the NAIC is investigating this. Anyone who has a webite touting this is probably in DOI advertising violation from their state. You cannot advertise insurance products without being compliant.
My advice....and it's just advice...is if you have a website touting this plan I'd call your state's DOI and see if the site is compliant. Investigations have formally begun by a lot of state DOI's along with the NAIC.
Email I got below:
[COLOR=#0000ff]The Antifraud Task Force and the Producer Licensing Working Group have received several inquiries related to Zero Premium Life Insurance. A number of states are in the process of investigating complaints and we are researching the extent of this activity. Attached are two examples we have received. Thanks"[/COLOR]
[COLOR=#0000ff]----------------------------[/COLOR]
The Department has received a number of inquiries from Georgia resident licensed agents who have been solicited through e-mail and facsimile transmitted advertisements to sell Zero Cost, No Cost, No Premium, Zero Premium or Zero Payment insurance coverage to their clientele. These advertisements will typically come from licensed agents or agencies located outside of the State of Georgia and offer to pay the agent a fixed-fee payment for each policy of coverage that is procured, most often the sum of $250. The coverage most commonly offered is advertised as “final expense” or “final arrangement” whole or universal life coverage for the insured in the face amount of $15,000. Though not always directly indicated, coverage is targeted to those who are 65 to 85 years of age. To the extent that the communication discloses such information, it states or implies that the coverage provided under the policy will be paid for by unidentified others having a beneficial interest in the remaining face amount of the insurance policy being offered. This coverage may also involve undisclosed premium financing arrangements. These solicitations to agents will characteristically fail to directly disclose the name of the insurance company providing the coverage, but indicate or imply that it has already been approved for sale in the State of Georgia. The Georgia Department of Insurance has opened an investigation to ascertain whether, and the extent to which, these solicitations directly violate any Georgia Statutes and Regulations applicable to the sale of universal or whole life insurance products. Pending completion of the Departmental investigation, all Georgia licensed agents are cautioned by the Commissioner to refrain from entering into any agreement or arrangement to market or sell a life insurance product where an unnamed individual or company is offering to pay for all or a significant portion of the insurance coverage on behalf of the insured, where the insurance company offering the product is not disclosed up front in any advertising about the product, where there is a third person or entity having a remaining beneficial interest in the balance of the coverage beyond that afforded to the insured, or where you, as a licensed agent are not being directly “appointed” to market or sell a final expense life insurance product by an insurance company that is offering the coverage in Georgia. For those of you still considering selling this, in the words of Gomer Pyle, "For shame for shame for shame."
[COLOR=blue]LADIES AND GENTLEMAN - THIS IS NOW TWO DEPARTMENT OF INSURANCE WEBSITES - GA AND NC BOTH WITH WARNINGS AND NOW THE NAIC IS INVESTIGATION[/COLOR]
[COLOR=blue][/COLOR] [COLOR=blue]FOR THE LOVE OF HUMANITY WHAT ELSE DOES ANYONE NEED???[/COLOR]
For those of you still considering selling this, in the words of Gomer Pyle, "For shame for shame for shame."
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