 BAILOUT??!!!?!?!?!?!? |
CAN ANYONE EXPLAIN TO ME THIS BAILOUT? WHAT IT ENTITLES AND WHO THE HECK BAILS OUT??????
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thomas t | Variable Life Insurance Policy Sold and Signed in Texas but client lives in Illinois? |
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View from a horse
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There could be a problem, depending on the laws of each state.
First of all, this is not only an insurance question, but a securities question (VUL is a securities product), so you need to understand the securities laws of each state as well as their insurance laws.
Most states do not mind one of their residents signing an insurance application in another state (insurance laws), but may have a different read on a securities product, which VUL is.
Some states also require that an agent who sells an insurance policy to one of their residents must hold a valid insurance license from their state.
In addition, even if you may write the application on a resident of Illinois, you must use an application form approved in Illinois, as the person will be issued an Illinois version of the policy. So, if the Texas -approved application is not the one approved in Illinois, there could be a problem. |
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Financial JUSTICE
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Life insurance with cash value don't pay out cash value when you die! They say its a good way to build savings! How is that so if you lose it all and it doesn't go to anyone when you die? People say you can borrow it. Why do I want to borrow my own money that I paid for? Cash value = scams! |
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Insurance Biz CT
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I don't see a problem?????? |
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ricks
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fine, as long as long as they are licensed in Texas. It matters where they are physically standing (or sitting) as to which state applies. Most states have specific forms to be used only in that state. Some times, depending on the company, they will have the form number & state abreviation (TX).
Also when signing, it should have had a place in the signature area that says "city & state signed". |
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Askala Maryam
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Maybe. There are some things for concern though. Variable Life is a securities-based policy, so there is more than just state insurance laws to worry about. Also, although most states will allow a person who lives there to sign in another state, some require that the agent is licensed in the state of the client's residence (I think Florida does). Even if it's ok, you have to use an application for the state they live in, because the policy will have to be one approved in the state of residence (if the policy is not approved in Illinois, they may not be able to issue it because there would not be an Illinois approved application).
In my opinion, your biggest worry should be the rules for variable life sales in each state, because you can get into really big trouble if you transgress those. |
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Doing the Right Thing
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Well, the client needs to change the address on the policy. If the client lives in Illinois at the time he bought the policy in Texas, the life agent will not receive commissions, unless he is licensed in Illinois too. |
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