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: Thu Jan 10, 2008 12:36 am Post Subject:
Why did that post twice, that was really goofy, did not mean for that to happen. :oops:
Posted: Thu Jan 10, 2008 05:06 am Post Subject:
Heck Yeah I would call him. Some people bowl at night, some play bridge, some indulge in the Complete Works of William Shakespeare. I happen to think its more fun to piss off crooked insurance agents - call me childish.
Send me an e-mail and give me his contact information.
Posted: Thu Jan 10, 2008 05:44 am Post Subject: Thanks!
Hi Goodnatured!
The post that appeared twice due to an error has been removed.
Regards,
Lakemen
Posted: Thu Jan 10, 2008 11:53 am Post Subject:
I happen to think its more fun to piss off crooked insurance agents -
:D Must admit, have my share of this past time as well, only with crooked body shops, and insureds and claimants that are attempting fraud! :roll: we're a couple of sick puppies we are! :wink:Posted: Thu Jan 10, 2008 07:27 pm Post Subject:
Hey Lori, I have had the opportunity to meet with agents who make more than $250k annually and didn't always follow the rules and make decisions that were in the best interest of their clients.
Once the "official" portion of the investigation begins, their licenses are usually suspended. As you probably know, this suspends the distribution of commissions, renewals, or other income - from all insurance companies for, what could usually be, quite some time. In fact, I've seen investigations take more than a year to complete.
Can you imagine making that kind of money as an agent and have it suddenly "turned off completely" for 12-18 months?
That's the most fun of all.
Posted: Thu Jan 10, 2008 08:47 pm Post Subject:
Whoa! Whoa!
Thanks InsTeacher for your explanation of things.
I seem to be reading posts for this topic in several different places, but go figure, we are all human, right? Even insurance agents.
To the original person who had the issue with the bank draft and the term insurance policy:
First of all, agents don't draft from anyone's checking account, insurance companies do.
In order for an insurance company to initiate bank drafts, they must first have a signed authorization from the person who will be the premium payor for the insurance policy. The insurance application, the signed bank draft authorization, the check for the first month's premium, and a "voided" check are all forwarded to the underwriting department of the insurance company. From this point, until the policy is actually issued, the agent has absolutely no control.
If I am contacted by a policyholder who wishes to "stop" a bank draft, I first have them sign a statement indicating their desire, then I forward (fax or mail) this request to the company. That's all I can do.
If the draft is not stopped in a reasonable amount of time, I suggest that the policyholder call their bank and stop it. A bank draft cannot be stopped by an insurance company instantly. It takes a little time.
There is one very important thing you need to remember - as long as the insurance company has accepted your premium twice - should you die during the process of getting the draft stopped - they are on the hook for the entire death benefit.
Maybe this insurance agent is not a professional, but maybe he/she is. Don't let the time frame of stopping a bank draft make this decision for you.
InsInvestigator, I'm surprised!
I'm surprised that you would find cutting off the source of income to a family - "fun".
Posted: Thu Jan 10, 2008 09:56 pm Post Subject:
These days they should know not many people open their door to people selling anything. I would be afraid it was a scam.
Posted: Thu Jan 10, 2008 11:50 pm Post Subject:
Hello Insurance Maze,
I certainly didn't mean to offend (or surprise) you, or anyone else for that matter, by sharing what I feel is a great way to spend the day.
Can you imagine how much guilt a DEA, FBI, or ATF agent would have to live with if, when he put a drug dealer away, he regretted cutting his family's source of income?
I've seen how dishonest insurance agents affect families and the pain it causes policy holders more times than I can count. I have absolutely no qualms about shutting a dishonest business down and seeing a license revoked. In my opinion, it doesn't happen nearly as often as it should.
Posted: Fri Jan 11, 2008 10:17 am Post Subject:
In order for an insurance company to initiate bank drafts, they must first have a signed authorization from the person who will be the premium payor for the insurance policy. The insurance application, the signed bank draft authorization, the check for the first month's premium, and a "voided" check are all forwarded to the underwriting department of the insurance company. From this point, until the policy is actually issued, the agent has absolutely no control.
Agree...can't remember if I put this in this thread...the thing I was thinking might have happened (if she did NOT fill out additional work, and what you have discribed above) is if she already had it set up with this company and 'added' this policy they wouldn't need all of this...for instance I have three autos, one boat, one 4wheeler, and four life policys pulled from my checking account (same ins company) if/when I add a policy (even a life one) I tell or the agent asks, do you want this on your direct debt...I of course do...so it's added...see? I don't have to go thru that voided check thing or anything....since it's already set up...they just add this...I'm wondering if this isn't what her agent did?Posted: Wed Feb 06, 2008 08:56 pm Post Subject:
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