by Guest » Fri Jan 04, 2008 08:03 am
I completed signed up for term life insurance and decided to cancel the coverage within two weeks and the agent said he would refund my check to me. Little did I know the agent has now without authorization drafted my checking account for the past two months and will not return my phone calls should I contact the Attorney General's Office? Foresters Life Ins. Agent.
Posted: Fri Jan 04, 2008 08:19 am Post Subject: a similar problem..
Little did I know the agent has now without authorization drafted my checking account for the past two months and will not return my phone calls should I contact the Attorney General's Office?
Well, in my place we don't have the system of agents accessing my checking a/c unless it is a tele-calling request where in they want me to provide me with the SSI No. as well as the checking a/c no.
Did you come across such a process while applying for it!
Awaiting your response, Zombie_Campbell
Posted: Fri Jan 04, 2008 08:45 am Post Subject: an address!
Hi Marisol,
Why don't you make good use of the following address:
National Association of Insurance Commissioners
120 W 12th St. - Suite 1100
Kansas City, MO 64105-1625
(816) 842-3600
I'm sure they'd guide you for all of our 50 states & the territories too!
keep posting, Rhonda-kallis28
Posted: Fri Jan 04, 2008 09:00 am Post Subject: check this one too..
I hope you need to actually lodge a complaint against the body who is after all getting the money credited to their account. They ought to cater to the requests of their consumers (be it requests associated with cancellation), if they have failed to respond to you then its upto them to resolve the whole issue now.
The insurance complaint form at the following page would probably support you at filing a complaint.
in.gov/idoi/complaint_form/compfrm.html
At the same time, you'd also need to investigate how your money got transacted from your bank a/c without your authorized permission. Your bank ought to take responsibility of the malpractices.
Thanks, PearlnOliva
Posted: Fri Jan 04, 2008 02:52 pm Post Subject:
first GO TO YOUR BANK, and stop the drafts...second contact the home office of the issueing company...then contact your states dept of insurance they all have websites, most also have online complaint forms..just google (for instance) ''missouri dept of insurance please let us know what you have found out, and any other questions. Also an after thought, no way (that I can think of) could this company have drafted from your account without you signing a form that allowed them to do so, unless (perhaps) you had other policys with the same company that you have drafted and wanted to add this one to them......you might want to check the papers you signed...
Posted: Sat Jan 05, 2008 02:27 am Post Subject:
Hi Marisol,
Sorry to hear of your problem. Unfortunately, problems do occur with Electronic Funds Transfer (EFT) payments. Pre-authorized accounts at times run into issues, especially when canceling policies.
First off, you should consider this a temporary problem, and hopefully this isn't more to you than a major nuisance. I hope, it being term insurance, that it isn't bankrupting you. This will go away, and you'll get your money back.
One thing that could help is if you let us know what state you live in, and specifically the type of policy you purchased. We don't want policy numbers or any personal info, just the name of the policy itself. You should find that on the first page of the contract, or shortly thereafter.
Every state that I work in (43 of 50) has what are referred to as "free-look" laws that give the policyowner the right to have a "free look" at the policy for a period of time. If the policyowner decides he doesn't want the policy for any reason (or no reason) whatsoever, the insurer is required by law to refund any premium paid upon return of the policy to the company or agent. The most common period found in the law is 30 days for individual life insurance policies. This period of time actually begins when the policy was delivered to you, either by mail or in person, and NOT when you bought it or at any other time.
If you decide to return the policy, it will be treated as if the coverage never existed in the first place, as if you never bought the thing. So, if you return the policy, and on the way out of your agent's office a piano falls on your head and you're squished like a bug, well, timing is everything, I guess! :o
As far as the bank is concerned and the bucks that have been and are being pulled from your account, I quote a respected senior member:
first GO TO YOUR BANK, and stop the drafts...second contact the home office of the issueing company
Great advice, Lori. The bank will, upon request, disable the insurer's ability to pull $$$ from your account. Be prepared to pay a small fee for this at certain institutions. Any funds that were pulled without authorization will have to be returned to you by the insurer, and every state has laws which require the carrier to get you your money within a certain period of time. Again...let us know what state you live in, and we can get you some specifics.
So, hopefully this will give you a little to work with. I would also suggest you crawl up your agent's you-knkow-what and get him moving on this issue as well. I know a few insurance producers that despise this kind of labor-intensive task, but bummer for them. That's what they get paid for. Sorry, all you producers out there, but you know it's true! :)
InsTeacher 8)
Posted: Sat Jan 05, 2008 02:44 am Post Subject:
Hi Marisol,
I completed sigend up for term life insurance and decided to cancel the coverage wihtin two weeks.
You cancelled the policy within two weeks of what? The date you completed the application? The date you received the policy from the agent (or in the mail)?
Little did I know the agent has now without authorization drafted my checking account for the past two months and will not return my phone calls
Didn't you notice that your account had been drafted last month?
Don't call any insurance commisioners or government regulatory agencies yet. Send me an email and I'll call the agent. That should get his complete attention very quickly.
Mark
Posted: Sat Jan 05, 2008 10:46 am Post Subject:
InsTeacher and InsInvestigator...you guys just rock!
Posted: Sat Jan 05, 2008 12:29 pm Post Subject:
hope you get everything straighened out soon, sounds like you got some real good advice here. after you do go to the bank make sure that you keep an eye on your account, they may try to slip one in on a different name or something.
I think if you follow the advice of all these forum members you should have no problem, every base is about covered here. goodluck and keep us updated.
Posted: Sat Jan 05, 2008 04:46 pm Post Subject:
Thats awful.But I do agree with going to the bank.I do think you will get all this resolved and get your money back.It is just a matter of going through the correct channels. Like they adviced though keep close watch on your checking account.
Posted: Thu Jan 10, 2008 12:35 am Post Subject:
insurance investigator,
Would you really call for him, LOL, that is awesome, you guys are so helpful here it is unbelievable.
Sounds like this guy got himself into a commission based sale, I have some guys that knock on the door to sell accident insurance at least once a year, they are such a pain in the rear and even when you say no, they want to know who your neighbors are, do you have any friends or relatives that they could go see, it is always in the evening when you just get home from work and don't want to be bothered. They are so pushy. I think they have a good product to offer, but the door to door is so unappealing and such a pushy way to sell a product, good or not, it gives me the impression of dictionary salesman or the vacumn cleaner guys that used to come around. You just want to slam the door in their face.
I think they may have had a good product, just can't stand the sales tactic, if they would just mail me something and then I could respond if I wanted it or had any questions I could just call them, it would be a lot more effective for me, I may even consider purchasing it.
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