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arnguy said:(2) comparatively low mandated limits on agent commissions. .
Curious. What are those limits? Are they public knowledge and posted somewhere? I looked here but didn't see anything: http://www.ins.state.ny.us/
Al
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arnguy said:(2) comparatively low mandated limits on agent commissions. .
somarco said:55% on permanent life insurance unless it has changed. Carriers are also prohibited from writing net contracts (no commission).
marcircus said:War time exclusion? what the heck is that?
I. What exactly constitutes the war time exclusion.
1. Does this refer to being an active combatant. Specifically, serving in the armed forces of the U.S.
2. How about if one is the victim of an act of war. For Example, some muslim terrorist does a September 11 deed on our country once again. Would the victims life insurance pay the claim?
I just read my life insurance policy. Found out that if dissabled because of an act of war, declared or undeclared, one is not covered. It does not matter if one is a combatant (in the armed forces of the U.S.) or a non-combatant (a civilian, a victim).
Kind of ticks me off. My Agent told me that the rider would pay if one were ever dissabled for any reason. Actually he said if one could not work for any reason. That is the problem, by the time you learn enough to know the right questions to ask, it is too late.
I read my policy cover to cover. There is no mention about not paying off if death was caused by war. Would the policy have to specifically state it if were to be an exclusion? The only provision where they will not pay is for suicide, whether sane or insane within two years of purchasing the policy.
L5tc said:Correct - they don't teach the "first call close" during training, they have the idealized Financial Needs Analysis but as Petrowski mentioned if you aren't pushing for quick closes you'll be taking that "walk of shame" pretty quickly. There's a monumental disconnect between training and the true day to day selling style of the agency.
The training to say "never missed a claim" to clients certainly does imply that someone didn't pay a claim.
Confederate soldiers getting paid? - I don't think I have a client who's going to buy a policy based on that piece of information.
But that would be a great sales call, a NYL agent could open their laptop with it playing "Dixie" so set the mood for the sale.
marcircus said:1. If one is doing research, and one knew that NYL historically has paid out claims, even to the enemy (okay, I am being dramatic for the purpose of conveying my sentiments, the enemy being hostile forces engaged in arms against Union Troops), one would certainly have to put them on one's "short list."
Imagine being a LI agent around 1860. My goodness, what would prospecting entail. Getting on a horse and going from town to town. How would the company get its premiums. The banking system and mail sure as heck was not what it is today. I am joking around with you producers, good natured fun, strictly in the spirit of commaraderie, so please do not get offended. You guys think prospecting is tough now when you have a telemarketing firm getting you leads . . . think how you would have prospected in the horse and buggy days. I bet that was when "cold callers were cold callers, men were men and smelled like horses." Agents no doubt had to go town to town, go into the local saloon, rode around looking for farms; small business prospecting was going to the dry goods store, the livery stable, the local doctor, the local banker, the school marm .... I can see James now....Instead of putting some pastry and fliers in the staff lounge of a hospital, offering to buy a round at the local saloon.
marcircus said:3. On a side note. Imagine being a LI agent around 1860. My goodness, what would prospecting entail. Getting on a horse and going from town to town. How would the company get its premiums. The banking system and mail sure as heck was not what it is today. I am joking around with you producers, good natured fun, strictly in the spirit of commaraderie, so please do not get offended. You guys think prospecting is tough now when you have a telemarketing firm getting you leads . . . think how you would have prospected in the horse and buggy days. I bet that was when "cold callers were cold callers, men were men and smelled like horses." Agents no doubt had to go town to town, go into the local saloon, rode around looking for farms; small business prospecting was going to the dry goods store, the livery stable, the local doctor, the local banker, the school marm .... I can see James now....Instead of putting some pastry and fliers in the staff lounge of a hospital, offering to buy a round at the local saloon.