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 May 02, 2008 05:50 pm Post Subject:
Thanks Teach and Investigator, I thought I was going to have to get the fire extinguisher (is that spelled right?), oh well.
This situation has happened to me probably 200 or 300 times in my career.
Everyone needs to keep in mind, the insurance agent doesn't hold the customer's money in his sock drawer. He/she sends it to the insurance company along with the insurance application and the signed authorization for EFT withdrawals.
The person signing all the paperwork (the insured) has purchased life insurance and if the policy would have been issued, the person is insured the moment he/she signs the forms. So, if John Q. customer gets killed in a car wreck 30 minutes after the agent leaves the home, bingo, the beneficiary is paid the face amount of the life insurance.
The Insurance Commissioner can't stop the draft, neither can the President. The insurance company will stop the draft when properly notified, but it is not an "instant" process. Most of these "bank drafts" are mailed to the bank some 7 to 10 days before the actual draft date.
I promise you if you will just pick up the phone and call Foresters' Customer Service, your bank draft will be stopped.
1 800 828 1540
Investigator, why do you put us all in the same basket?
Maze
Posted: Fri May 02, 2008 11:47 pm Post Subject:
Maze, I most humbly apologize for the misunderstanding. Including you or anyone else that I consider a friend in any of my sometimes overly broad statements was not my intention. You can have your own basket.
Mark
Posted: Sat May 03, 2008 02:28 am Post Subject: policy
Sorry about the entire issue ( taking payments without authorizations, etc) OMG...I bet that's a mess. I just thank goodness, that hasn;t happened to me. My insurance company (on my vehicle) is pretty good.
Posted: Sat May 03, 2008 01:01 pm Post Subject:
You can have your own basket.
Thanks Investigator, I always wanted one. :lol:
Sorry about the entire issue ( taking payments without authorizations, etc) OMG...I bet that's a mess.
I don't think the OP ever said anything about the insurance company or agent taking a payment "without authorization".
If we could see the original insurance application, I would bet my next paycheck that the applicant signed the application and the EFT authorization. The bank wouldn't release funds without proper authorization. This would get everyone involved in a lot of trouble.
This is a temporary problem which can easily be solved.
Maze
Posted: Sun May 04, 2008 11:07 am Post Subject:
If we could see the original insurance application, I would bet my next paycheck that the applicant signed the application and the EFT authorization. The bank wouldn't release funds without proper authorization. This would get everyone involved in a lot of trouble.
I'm just SURE of it.Posted: Wed May 07, 2008 09:45 pm Post Subject:
I really hate it when we get a complaint, offer suggestions, then never hear the end result.
Does anyone know what happened here?
Maze
Posted: Thu May 08, 2008 12:02 pm Post Subject:
no Maze, and it used to really bother me too, but I try and remember, even if the OP doesn't post again, maybe they read it, or think of how many in same/similar circumstances do read and then don't feel they need to post because they got their answer!
Posted: Wed May 21, 2008 12:41 pm Post Subject:
Original Poster wrote:
I completed sigend up for term life insurance and decided to cancel the coverage wihtin 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.
For the sake of argument and not to be argumentive I don't believe this post.
First off the AGENT wouldn't have said he (as in him personally) would be refunding the check. He doesn't have the check nor was the initial premium made out to him. IT WOULD HAVE BEEN MADE OUT TO THE INSURANCE CO.
Secondly to draft a person's cheking account the account owner HAS to sign a pre-authorized check plan form AND submit a "VOID" sample check.
Is the OP going to claim now the agent stole one of his checks and wrote void on it AND forged the authorization signature?
Also once the application and premium are sent to the home office the agent is OUT of the transaction until the policy is issued except to help faciltate underwriters request for addition information.
Further, there isn't any reputable company out there who will even write any type of significant life policy WITHOUT taking blood and urine and until the paramed exam and lab tests are completed the life insurance WOULD NEVER GET ISSUED AND NO BANK DRAFT WOULD HAVE BEEN STARTED.
If OP would like to add more info I'll readily amend my statements above.
Please provide:
The name of the insurance company?
The amount you applied for?
Your age?
Your sex?
Smoker or Non-smoker?
Also, it would have taken less time to send the insurance company a certified letter return receipt telling them to CANCEL the policy and refund all premium paid then it did to write your post.
Further, ALL life insurance policies have a 10, 20 or 30 day FREE LOOK period that DOES NOT start until the day you receive your policy.
The FREE LOOK provision says if you are disatisfied for any reason with this policy return it to the agent or the company for a FULL refund of all premium paid and the the policy will be cancelled.
Posted: Wed May 21, 2008 06:38 pm Post Subject:
I agree 100%. I just wish that this person would come back in and let us know what really happened.
Maze
Go Ahead - Make My Day!
Posted: Fri Jan 08, 2010 03:21 am Post Subject:
Forester Insurance, withdrawn from my account also after I had canceled my policy I wish I knew what actions to take.
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