Posted On: January 3, 2005, 3:36 pm CST

Posted By: mike

Many years ago, a life insurance company notified their agents that a certain policy was being withdrawn in 10 days. The reason given was the policies actuarial assumptions were incorrect. I was one of the leading producers for this carrier and in one week's time I presented the carrier with 62 whole life policies-all with annual premiums paid with the applications. All the applicants were attorneys who I had represented. I turned the apps into the company prior to the pull date. I then received a call from the President of the company rejecting all the applications on the premise that the Company was trying to get out of writing this specific contract. I told him that I adhered to all the requirements. He said I will have all the applications returned in the morning. After telling him,to no avail, that he left me no choice but to file my first ever complaint to the insurance department, he returned all the applications the following morning and I filed a complaint on behalf of my clients. Within a week, I received a call from the carrier, that reluctantly they will process the applications, but would not send any compensation to me for these contracts. I again filed a complaint and all 62 applicants were approved and commission was received. The following week, I received a letter from the carrier terminating my contract . I was more than happy to accept their termination under the circumstances. Six months later they were pounding down my doors for business and wanted to reinstate my contract. I refused. I have not done any business with this carrier since. This is only one situation that shows the lack of respect that carriers have for their representatives.