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Thread: OT: Disability Insurance job - "Dr." Moga exposed

  1. #1
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    OT: Disability Insurance job - "Dr." Moga exposed

    I have a question for anyone who knows anything about disability insurance. I have an opportunity to start selling diability insurance at a very high commisiin rate. This new product though seems a bit "uncoventional" to me. What we will be selling is a disability insurance policy that will give us as the insurers a rider to recheck medical facts and or other facts (credit, job, etc..) to raise or possibly cancel a policy in the future of someone should they posr increased trisk, etc (i.e get sick or develop medical problems). This is a hugh advantage to us as insurers as statisctically a person is going to potentially develop medical problems as they get older and this would allow us to diverge our risk in that case. It seems to me like this is a slam dunk option to sell and I will make some potentially huge commissions, but I am worried that there could be issues with people challenging the legality of such a product. We are offering insurance should something catastrophic happen (i.e accident, etc..) but are able to protect our bottom line should someone develop medical issues that increase their risk for disease (and our risk of having to pay out). A good example of this is someone who gets a polciy today and then develops diabetes in 2 years. Diabetes could lead to heart murmurs or carotid vacular territory disease and put someone at risk for disabling disease.....this allows us to montor someone's health record (kind of like a credit check) and "pull out" of the polciy should we feel a risk to having to pay out comes up. Now on the surface this seems kind of shady, but they way it was explained to me was that this was identical to creditors checking someone's credit score periodiacally and raising their interest or changing their cardholders agreement in the process.

    I would like your opinions of this prodcut and if you think it would be a good idea to try and start underwriting. Thsi could mean a six figure salary for me in the future.

    Thanks in advance for the opinions.

    Frank Moga III

  2. #2
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    Who's going to buy a disability policy if it can be cancelled/withdrawn in the future 'if they pose an increased risk...like getting sick or developing medical problems'?

    That's kind of the reason I have a disability policy...in case I get sick or develop medical problems.

    Now if your talking about cancelling a policy if someone VOLUNTARILY increases his risk of being disabled (say like they take up skydiving or motocross racing), that's a different story...

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    [QUOTE=Greenwave81]Who's going to buy a disability policy if it can be cancelled/withdrawn in the future 'if they pose an increased risk...like getting sick or developing medical problems'?

    That's kind of the reason I have a disability policy...in case I get sick or develop medical problems.

    Now if your talking about cancelling a policy if someone VOLUNTARILY increases his risk of being disabled (say like they take up skydiving or motocross racing), that's a different story...[/QUOTE]

    Greenwave...I get you Hoss and do share some of your same concerns, but we wouldn't stress to much the part of cancelling it (just bury it in the fine print like credit cards do) and we also would cover the disability if a major car accident happened, etc...and rendered some disabled. It does have some value and I think the initial underwriting guidelines would be more flexible to qualify for.

    Thanks for your thoughts.

    Moga III

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    Sounds like a high pressure sales product that basically tries to rip policy holders off ...

    maybe even worse than becoming a knuckle cracker (i.e. chiropractor)


    [QUOTE=FrankMoga]I have a question for anyone who knows anything about disability insurance. I have an opportunity to start selling diability insurance at a very high commisiin rate. This new product though seems a bit "uncoventional" to me. What we will be selling is a disability insurance policy that will give us as the insurers a rider to recheck medical facts and or other facts (credit, job, etc..) to raise or possibly cancel a policy in the future of someone should they posr increased trisk, etc (i.e get sick or develop medical problems). This is a hugh advantage to us as insurers as statisctically a person is going to potentially develop medical problems as they get older and this would allow us to diverge our risk in that case. It seems to me like this is a slam dunk option to sell and I will make some potentially huge commissions, but I am worried that there could be issues with people challenging the legality of such a product. We are offering insurance should something catastrophic happen (i.e accident, etc..) but are able to protect our bottom line should someone develop medical issues that increase their risk for disease (and our risk of having to pay out). A good example of this is someone who gets a polciy today and then develops diabetes in 2 years. Diabetes could lead to heart murmurs or carotid vacular territory disease and put someone at risk for disabling disease.....this allows us to montor someone's health record (kind of like a credit check) and "pull out" of the polciy should we feel a risk to having to pay out comes up. Now on the surface this seems kind of shady, but they way it was explained to me was that this was identical to creditors checking someone's credit score periodiacally and raising their interest or changing their cardholders agreement in the process.

    I would like your opinions of this prodcut and if you think it would be a good idea to try and start underwriting. Thsi could mean a six figure salary for me in the future.

    Thanks in advance for the opinions.

    Frank Moga III[/QUOTE]

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    [QUOTE=angry jets fan]Sounds like a high pressure sales product that basically tries to rip policy holders off ...

    maybe even worse than becoming a knuckle cracker (i.e. chiropractor)[/QUOTE]

    Yes, I fear you may be right. Something didn't sit well with me as I was thinking about it.

    I think is it different than the chiropractors thing as the chiropractors are medical doctors with a subspecialty fellowship in chiropractic medicine, i think.

    F. Moga III

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    the chiropractor comment was just a little dig (reference to some recent threads) ...

    seriously, some of the long term care and disability insurance sales products (and jobs) are a little on the sleazy side (imo)


    [QUOTE=FrankMoga]Yes, I fear you may be right. Something didn't sit well with me as I was thinking about it.

    I think is it different than the chiropractors thing as the chiropractors are medical doctors with a subspecialty fellowship in chiropractic medicine, i think.

    F. Moga III[/QUOTE]

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    [QUOTE=FrankMoga]I think is it different than the chiropractors thing as the chiropractors are medical doctors with a subspecialty fellowship in chiropractic medicine, i think.

    F. Moga III[/QUOTE]

    Chiropractors are NOT medical doctors.

  8. #8
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    [QUOTE=angry jets fan]the chiropractor comment was just a little dig (reference to some recent threads) ...

    seriously, some of the long term care and disability insurance sales products (and jobs) are a little on the sleazy side (imo)[/QUOTE]

    Yes, some jobs are sleazy...especially commission based jobs...but I think someone could make a hello of alot of cold hard coin selling insurances, escpecially with riders that would reduce payouts as time went by, as oppossed to typical policies that could get risker as time goes by. It ont he surface seems shady, but it is all spelled out in black and white in the contract and we are offering a product that can be of signiifcant value should a catastrophe occur.

    Thanks for the thoughs.

    Moga

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    [QUOTE=Greenwave81]Chiropractors are NOT medical doctors.[/QUOTE]


    Dude, they are DOCTORS. I am looking at a website right now that says "Dr James A. Lee, D.C. ([B]DOCTOR[/B] of Chiropractic [B]Medicine[/B])

    Doctor of Medicine........what is the issue. They are spine specialists...the same as a Heart Specialist for the heart.

    Moga III

  10. #10
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    [QUOTE=FrankMoga]I have a question for anyone who knows anything about disability insurance. I have an opportunity to start selling diability insurance at a very high commisiin rate. This new product though seems a bit "uncoventional" to me. What we will be selling is a disability insurance policy that will give us as the insurers a rider to recheck medical facts and or other facts (credit, job, etc..) to raise or possibly cancel a policy in the future of someone should they posr increased trisk, etc (i.e get sick or develop medical problems). This is a hugh advantage to us as insurers as statisctically a person is going to potentially develop medical problems as they get older and this would allow us to diverge our risk in that case. It seems to me like this is a slam dunk option to sell and I will make some potentially huge commissions, but I am worried that there could be issues with people challenging the legality of such a product. We are offering insurance should something catastrophic happen (i.e accident, etc..) but are able to protect our bottom line should someone develop medical issues that increase their risk for disease (and our risk of having to pay out). A good example of this is someone who gets a polciy today and then develops diabetes in 2 years. Diabetes could lead to heart murmurs or carotid vacular territory disease and put someone at risk for disabling disease.....this allows us to montor someone's health record (kind of like a credit check) and "pull out" of the polciy should we feel a risk to having to pay out comes up. Now on the surface this seems kind of shady, but they way it was explained to me was that this was identical to creditors checking someone's credit score periodiacally and raising their interest or changing their cardholders agreement in the process.

    I would like your opinions of this prodcut and if you think it would be a good idea to try and start underwriting. Thsi could mean a six figure salary for me in the future.

    Thanks in advance for the opinions.

    Frank Moga III[/QUOTE]


    How the hell is this insurance if you can pull out later on?

    Also, I thought you were pulling in the big bucks, what do you need a job at a chop shop for? After all, you're paying all of our taxes.

    I think you should just go to law school so we can get some LEGAL F$#*($#* RECOURSE on the NFL officials

  11. #11
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    you seem to be trying to justify it?

    Is money everything? There are other jobs out there ... the economy is pretty good.

    [QUOTE=FrankMoga]Yes, some jobs are sleazy...especially commission based jobs...but I think someone could make a hello of alot of cold hard coin selling insurances, escpecially with riders that would reduce payouts as time went by, as oppossed to typical policies that could get risker as time goes by. It ont he surface seems shady, but it is all spelled out in black and white in the contract and we are offering a product that can be of signiifcant value should a catastrophe occur.

    Thanks for the thoughs.

    Moga[/QUOTE]

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    Selling the policy is one thing...Underwriting it is another. You have litigation exposure on both.

    1. As a salesman Insurance regulations require full disclosure. Product might be difficult to sell with full disclosure.

    2. As an underwriter you could be seen as trying to get over on the customer. It is a limited disability policy as opposed to a full disability policy. This might however be a interesting policy to add to a life insurance policy. A quality life insurance policy with a disability kicker is more attractive that a life insurance policy without it.

    This sounds like a bit of a business ethics proposition. I would be concerned about my litigation risks as underwriter and personal exposure as a salesman. Best luck to you.


    Conkboy

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    [QUOTE=Conkboy]Selling the policy is one thing...Underwriting it is another. You have litigation exposure on both.

    1. As a salesman Insurance regulations require full disclosure. Product might be difficult to sell with full disclosure.

    2. As an underwriter you could be seen as trying to get over on the customer. It is a limited disability policy as opposed to a full disability policy. This might however be a interesting policy to add to a life insurance policy. A quality life insurance policy with a disability kicker is more attractive that a life insurance policy without it.

    This sounds like a bit of a business ethics proposition. I would be concerned about my litigation risks as underwriter and personal exposure as a salesman. Best luck to you.


    Conkboy[/QUOTE]

    Conk....thanks for your thoughts. These are the kind of responses and feedback I was hoping to get.

    MOga III

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    It boils down to whether you feel you can be sucessful selling it or not; for example, I don't think I could do this kind of work. If you can do it without getting stressed and make a good salary, then do it.

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    [QUOTE=BrooklynBound]How the hell is this insurance if you can pull out later on?

    Also, I thought you were pulling in the big bucks, what do you need a job at a chop shop for? After all, you're paying all of our taxes.

    I think you should just go to law school so we can get some LEGAL F$#*($#* RECOURSE on the NFL officials[/QUOTE]

    DB.........the policy would have a RIDER on it..........signed in full dislosure by the policy holder.

    I am making good money now (for your information) but the coin being propsed to me if this takes off is SIX FIGURES.........AHEM........HIGH SIX FIGURES (as in close to 7 figures).

    I would have made a great lawyer and would have loved to sue the F-ing NFL for "recourse" as you say, but I could not stomach three years of Law School. Too many briefs and BS like that to be written.

    For the record, I have and always WILL think you are a classless moron.

    F. Moga III

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    [QUOTE=FrankMoga]DB.........the policy would have a RIDER on it..........signed in full dislosure by the policy holder.

    I am making good money now (for your information) but the coin being propsed to me if this takes off is SIX FIGURES.........AHEM........HIGH SIX FIGURES (as in close to 7 figures).

    I would have made a great lawyer and would have loved to sue the F-ing NFL for "recourse" as you say, but I could not stomach three years of Law School. Too many briefs and BS like that to be written.

    For the record, I have and always WILL think you are a classless moron.

    F. Moga III[/QUOTE]

    You can think what you want about me, but at least I don't need to sell sleazy insurance to make a buck. Thank god.

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    [QUOTE=FrankMoga]Dude, they are DOCTORS. I am looking at a website right now that says "Dr James A. Lee, D.C. ([B]DOCTOR[/B] of Chiropractic [B]Medicine[/B])

    Doctor of Medicine........what is the issue. They are spine specialists...the same as a Heart Specialist for the heart.

    Moga III[/QUOTE]
    Actually, you are way off base. Their degree is DC, entirely different schooling than an MD.

    Orthopedic surgeons, pediatricians, cardiologists all have in common the MD (or in some cases DO), after which they specialize. You can not go to medical school and then specialize in chiropractic medicine. You can specialize in "the spine" through either physical medicine or orthopedic spine surgery, as well as neurosurgery.

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    I couldn't sleep at night selling that ****.

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    [QUOTE=OrangeJet]I couldn't sleep at night selling that ****.[/QUOTE]

    Ditto for me. I hate the insurance industry with a passion. Even my friends in the business admit their entire job is to sell policies that cover the most unlikely scenarios and don't cover what will most likely happen. Talk to some people in MS and LA after Katrina. The insurance companies go waaaaay into the fine print....."oh your policy covers hurricane FLODDING, but your house was damgaed by hurricane WIND." Thats an actual quote from Allstate, a so-called "respected" company.

    Frank if you are feeling even slighty worried about the product, how can you sit there and sell it to some guy with 3 kids...knowing you aren't really protecting them? If you are a decent person you won't have your heart in it and you won't be acle to sell it like you would if its a product you believe in.

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    I'm amazed how many conscience-less a$$holes are out there. If I were you I wouldn't get involved with this for any amount of money.

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