by GarySpicuzza » Wed Jul 14, 2010 05:03 pm
http://www.nafa.com/tmp/20100712-SEC151A_VACATE01.pdf
We therefore order that Rule 151A be vacated.
The Clerk is directed to amend the judgment filed July 21, 2009, accordingly.
The Clerk is further directed to issue the mandate 7 days after the issuance of this order.
Per Curiam
We therefore order that Rule 151A be vacated.
The Clerk is directed to amend the judgment filed July 21, 2009, accordingly.
The Clerk is further directed to issue the mandate 7 days after the issuance of this order.
Per Curiam
Posted: Wed Aug 18, 2010 01:23 pm Post Subject:
I find it interesting that when Gary calls somebody out, it always seems to be Gary that is the one who is wrong but he isn't smart enough to realize it.
Jason thank you for posting.
Now please post the company statement from any Traditional Fixed Annuity or Fixed Indexed Annuity, whereby, because of market conditions, the client has lost principal.
It's beyond ridiculous to state that if a client buys in June and surrenders in August they lose money because of surrender charges.
That's rhetorical bllsht as no professional agent would sell the policy if the client's intent was to hold for 2 months then cancel.
Posted: Thu Aug 19, 2010 12:33 am Post Subject:
"fkaksrku, please post the statement of a FIXED annuity owner who has lost money that backs up your claim. "
"Now please post the company statement from any Traditional Fixed Annuity or Fixed Indexed Annuity, whereby, because of market conditions, the client has lost principal."
Thank you, Gary! Thank you! Thank you! Thank you!
Now you are speaking honestly. You are 100% correct that market conditions won't cause fixed annuity (of either variety) clients to lose money.
When you add, "because of market conditions", it makes a huge difference. Otherwise, it is simply a false statement.
An ethical agent wouldn’t sell the policy if the person was planning on dropping it in two months. An unethical agent might. More to the point, the unexpected can still occur. Even with an ethical agent, policies sometimes do get cancelled and surrender charges can cause a loss. This can be because of an unexpected emergency or it can be because despite everything making sense in the sale, the client changes her mind. The reason doesn’t matter. It is simply a matter of fact that one can lose money in a fixed annuity by surrendering the product early.
I like fixed annuities. I just don’t like professional insurance agents saying that one can’t lose money without making the appropriate disclaimers to that statement.
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