New zero premium life insurance policy/miracle/financial/group

*STIBROKER@AUSTIN.RR.COM* · 05-21-2007, 07:11 AM

That is a really high deductible......I will stick with my $50 to $60 a mo. with the $1,200 deductible.......

Originally Posted by maryjd123

The Company for the E&O insurance is through

U.S. Risk Underwriters, Inc
10210 N. Central Expressway, suite 500
Dallas, Texas 75231

The limit of liability is
5 million per wrongful act
5 million and Policy Aggregate

Deductible: $25,000 each claim

According to my FMO this is what they are using -- I am already signed up thru The Halo Group -- compared to other policies this is much cheaper IMO.. but to some agents it may not be... But for $30 a month taken out of commission checks -- it seems to be working for me.

*STIBROKER@AUSTIN.RR.COM* · 05-21-2007, 11:00 AM

The call is on......like donkey kong......

CHRISTINASPARKS · 05-21-2007, 12:07 PM

Originally Posted by STIBROKER@AUSTIN.RR.COM

That is a really high deductible......I will stick with my $50 to $60 a mo. with the $1,200 deductible.......

what co. do you use

*STIBROKER@AUSTIN.RR.COM* · 05-21-2007, 12:25 PM

Westport..............

senior-advisor-indiana · 05-21-2007, 12:26 PM

Sign up with a great american company and get it through NAPA for $30-$40 a month.

arnguy · 05-21-2007, 12:26 PM

Yeah, Scott, who is your E&O carrier?

*STIBROKER@AUSTIN.RR.COM* · 05-21-2007, 12:35 PM

Originally Posted by arnguy

Yeah, Scott, who is your E&O carrier?

Having trouble reading this morning......

arnguy · 05-21-2007, 07:56 PM

Scott, I thought you were referring to Westport, CT! A great little town.

pat77 · 05-22-2007, 12:12 AM

Originally Posted by senior-advisor-indiana

Sign up with a great american company and get it through NAPA for $30-$40 a month.

The last time we checked on NAPA it was much higher. Is that an old rate through Great American? Friend of mine has same rate. We were told more.

senior-advisor-indiana · 05-22-2007, 12:22 AM

No, thats a current rate for me. They do have different coverage limits.

joshril · 05-22-2007, 12:51 AM

Originally Posted by senior-advisor-indiana

No, thats a current rate for me. They do have different coverage limits.

NAPA has a great deal through Great American...

$1,000,000 with a $500 deductible on Great American products
$1500 deductible everything else
Also covers variable products

$38/mo

Not bad

insurancechick · 05-22-2007, 07:51 AM

Has anything new happened on any of the past few calls? I haven't dialed in since they went to the silent mode.

Thanks!

sman · 05-22-2007, 09:18 AM

Originally Posted by joshril

NAPA has a great deal through Great American...

$1,000,000 with a $500 deductible on Great American products
$1500 deductible everything else
Also covers variable products

$38/mo

Not bad

Two questions. You say it covers variable products. Does it cover mutual funds and managed accounts (I.e - series 65)?

Also, what happens when Great American cancels your contract due to lack of production? Does your E&O get cancelled as well?

*STIBROKER@AUSTIN.RR.COM* · 05-22-2007, 11:19 AM

Now mr. nash is telling us the E&O CO. is a texas co......which jives with marys co......

*STIBROKER@AUSTIN.RR.COM* · 05-22-2007, 11:25 AM

Ouuuuu....they are going to put up a forum......that should be funny....one sided and funny......

pat77 · 05-22-2007, 11:33 PM

Originally Posted by STIBROKER@AUSTIN.RR.COM

ouuuuu....they are going to put up a forum......that should be funny....one sided and funny......

Ours has turned into no sided and not funny. Kind of dead. No more 2-3 pages of posts a day. More like 5 or less posts a day. Maybe everyone is out actually selling insurance again. What a novel idea. LOL

Slick · 05-23-2007, 09:54 AM

[COLOR=#0000ff]Inquiries have been heavy regarding the Miracle Insurance & Financial Group and its marketing promotion of a zero premium life insurance policy. Sorry for my delay in responding to you.[/COLOR]
[COLOR=#0000ff]Miracle recently changed its web site to replace zero premium with no cost to the insured. No company has been identified to this Department that is underwriting the purposed product. The Department posted some time ago a cautionary notice to producers regarding this marketing proposal. You may need to clear the cache on your computer if you are not able to view the notice located at the following link:[/COLOR]
[COLOR=#0000ff]http://www.ncdoi.com/[/COLOR]
[COLOR=#0000ff]The Agent Search on the Department's web site is at the following link:[/COLOR] [COLOR=#0000ff]http://infoportal.ncdoi.net/agent_search.jsp?TYPE=P[/COLOR]
[COLOR=#0000ff]Type in Alireza Shahrak to retrieve a status on his standing with the Department.[/COLOR]
[COLOR=#0000ff]The bottom line is that no company or approved product has been identified and whether or not this is a viable product for sale in North Carolina is unknown. I can tell you that no such marketing approach has been filed directly with the Life & Health Division identifying the promotional campaign released by the Miracle Insurance & Financial Group. [/COLOR]
[COLOR=#0000ff]Theresa N. Shackelford, CPM, ALHC[/COLOR]
[COLOR=#0000ff]Supervisor, Life & Health Division[/COLOR]
[COLOR=#0000ff]919 / 733-5060 ext 351[/COLOR]
[COLOR=#0000ff]tshackel@ncdoi.net[/COLOR]

This is a copy of a letter that I received today from the NCDOI. Nothing new.

insurancechick · 05-23-2007, 11:06 AM

Originally Posted by Slick

This is a copy of a letter that I received today from the NCDOI. Nothing new.

They said they are going to take questions at the end of the call today!

*STIBROKER@AUSTIN.RR.COM* · 05-23-2007, 11:15 AM

Hummmmm now they are saying that the investors have enough funds to write everyone in all 50 states from the age 65 to 85......

insurancechick · 05-23-2007, 11:25 AM

Originally Posted by STIBROKER@AUSTIN.RR.COM

hummmmm now they are saying that the investors have enough funds to write everyone in all 50 states from the age 65 to 85......

Scott, do you have any questions ready to go? I'd like to know how he says all the DOIs know about this, approve, etc. given the response posted above.

ANSWERS PLEASE