Internal Replacement Form

[TPAAgent]

Wrote a policy for a client through Foresters. Client had a Foresters policy for about a year and let it lapse.

Submitted app and recieved an e-mail that I needed to fill out an internal replacement form along with a comparison form

Not sure why they are requiring this as his former policy with Foresters lapsed a couple months back

Anyone know if Foresters will payout commissions if they regard this as a internal replacement?

 

[Newby]

Re: Internal Replacement

I would just write it with a different company to avoid the hassle.

 

[G.Gordon]

Re: Internal Replacement

It was probably still in the window where it could have been reinstated.

 

[GoCubsGo]

Re: Internal Replacement

And the new policy is going to be a different product than the lapsed one as I believe Foresters changed all their products. Would have been safer to go to another company.

Call and ask them as a general question not in regards to this application.

 

[jdeasy]

Re: Internal Replacement

Wrote a policy for a client through Foresters. Client had a Foresters policy for about a year and let it lapse.

Submitted app and recieved an e-mail that I needed to fill out an internal replacement form along with a comparison form

Not sure why they are requiring this as his former policy with Foresters lapsed a couple months back

Anyone know if Foresters will payout commissions if they regard this as a internal replacement?

Foresters certificates don't lapse for 90 days. It's probably still in that window.

Foresters is really difficult to deal with on these types of situations. Anything outside the norm is earth shattering to them.

As others have said, withdraw the new app and put the client with another company.

 

[TPAAgent]

Re: Internal Replacement

Thanks for the replies- onto Madison we go

 

[scotte]

Madison is probably going to be a price shock, look at Assurity if you are not doing face to face

 

[TPAAgent]

In case anybody runs into this with Foresters

Any case submitted within 13 months of a prior internal policy issue date, Foresters only advances the increased premium amount

In my case, the policy was issued 11 months ago and lapsed 2 months ago and went from a $115 a month premium to $60

Which means I get a fat donut on the sale

Time to put the cat under a different company

Me no worky for free

 

[VolAgent]

In case anybody runs into this with Foresters

Any case submitted within 13 months of a prior internal policy issue date, Foresters only advances the increased premium amount

In my case, the policy was issued 11 months ago and lapsed 2 months ago and went from a $115 a month premium to $60

Which means I get a fat donut on the sale

Time to put the cat under a different company

Me no worky for free

I think you'll find that is fairly standard for most companies. It doesn't pay to do internal replacements.

 

[jdeasy]

I think you'll find that is fairly standard for most companies. It doesn't pay to do internal replacements.

I have run into that witha few other companies, Americo for one.

I had the ame situation with Americo that the op is talking about. I wrote an Americo last March for $130/mo. In Oct. the guy decided he just couldn't afford it and dropped it. In Dec. he changed his mind and anted something. We lowered the face amount and Americo had also taken the 15% rate reduction in Nov. The new premium was about $70/mo.

Americo wouldn't pay me anything on it. I'm as earned with them, but they said I made more in the 7 months he paid than I would in a full year at the new premium. I could have just put him with another company, but he is a cigar smoker and Americo gives him non tobacco rates. Supid rule in my opinion.

I have other companies that commission you as anew sale on internal replacements.