Termination Process
What is the BE, when a PO is calling to cancel.
But they have NO surrender value?
What is the BE, for when a PO is calling to cancel.
And they have NO Surrender Value, BUT they have a pending prem?
1st answer: 026
2nd answer: 26B
Can an authorized producer, RESUME billing?
Yes, they are able to resume billing.
What is the Loan BE we open.
When we are not able to process the loan on customer access?
We open a 422 BE.
Add how much the PO would like to take out.
Leave BE open.
Explain to the PO it is a check that we will send out.
And allow 7-10 business days for process plus mailing time.
IF a PO is calling to cancel.
And there is no CV/SV what do we do?
We open the IUL BE.
Explained the PO is calling to cancel.
And we add the stop pay for 91 days.
Fwr the BE to IUL.
Tell the PO they will be receiving a letter in regard to the cancellation within 7-10 bus days.
Do we cold transfer or warm transfer to PIN Pad?
ALWAYS warm transfer.
What happens when the address has been changed, in the last 30 days. And the PO is calling to cancel?
This ONLY applies to address change.
not phone number or email.
We would send the surrender form.
Po need to allow 7-10 bus days plus mail time for us to send the form.
Plus, an additional 7-10 bus days once we receive the form back.
Can an authorized producer request/add a stop bill?
Yes, they can request a stop bill.
Can a producer request a loan for the PO?
Absolutely not.
We can advise that is not an option, and to have the PO call us.
For how long, does an IUL or UL policy have a surrender penalty?
The surrender penalty is for 15 yrs.
Meaning for 15 years if the CV is less than the penalty, they are not able to surrender or take out a loan.
Once the CV is more than the surrender penalty, that is when they will have the option to take out a loan for what is available to them or surrender and get an amount back.
And do we cold or warm transfer?
Health handles all those policies.
Verify first the PO does not have a life insurance that they might need help with.
But if they do not, transfer to health.
Cold Transfer.
What is the BE for when a PO is calling to cancel.
But they have Surrender Value?
What happens if the surrender Value is over $50,000?
1st Answer: 431
2nd Answer: We send out the surrender form.
We cannot open a 431 BE.
-Instead, open a 465 BE.
And explain to the PO a surrender form will be sent out. Once we receive the form back from them, to allow 7-10 business days.
And a check will be mailed out to them.
Can a producer change or update BSP?
OR can the change mode from Direct to BSP?
Absolutely NOT.
But they can request for us to send BSP form to the Policy owner's address ONLY.
And they can change the mode from BSP to direct.
Can a POA request a loan?
What if the policy has an Irrevocable Beneficiary OR there is a Collateral Assignment?
1st answer: Yes, but same situation as surrender.
They need to be authorized to take out a loan.
And it is the form that will be sent out.
2nd answer: IF YES, Surrender Form needs to be sent out.
Explain a form will be sent out and Irrevocable Beneficiary Needs to sign.
If Yes to a collateral assignment...
A collateral release form will need to be received.
The form can be sent by opening a 416 BE
Once we have that, we send the surrender form.
When its an IUL Policy, and the PO is calling to cancel and they have Cash Surrender.
Do we transfer to IUL or open a BE?
1st answer: If it is English call, we COLD transfer the PO to IUL.
2nd answer: For Spanish, we open the IUL BE and Forward to IUL
Fwr code: 91729
Do we help producers calling in regard to pending policies, contracts and commission, Producer portal, or Licensing/new Agents applications?
No, we do not.
We get those calls constantly.
Tell them you are not able to assist.
But can provide the producer dept number and transfer them.
Agent Contracting/ Appointments - Producer Services 800-867-6873
What is the BE, when a PO is calling to cancel.
But it is a New Policy that was opened in the FIRST 40 days?
What if its a Policy that is still pending?
1st answer: 411
2nd answer: AWD
Can a producer cancel a policy?
-If it has CV, they cannot and the PO would need to give us a call to cancel.
OR you can tell them that you will send the PO the surrender form.
What happens when the address has been changed, in the last 30 days. And the PO is calling to Take out a Loan?
This ONLY applies to address change.
not phone number or email.
We send out a Loan form.
-Tell them that due to the address change, we are not able to process the loan. And we will need to send out the form.
Once we receive the loan form back and it is processed.
We will mail out a check.
To have it deposited into the back acct, is NOT an option.
If a PO is calling to cancel.
And they have CASH Value, but NOT Surrender Value.
Will the policy get cancelled OR remain active?
-Meaning the prems will be covered with the CV.
Once the cv runs out, that is when the policy gets cancelled. OR the PO can start making payments again.
That is due to the Surrender Penalty.
If the Penalty is more than what they have for CV.
Then they are not able to cancel it.
POs calling in regard to an offer they received or advertisement they saw on tv, do we assist them or not?
Answer is, No. We Cold transfer to DSC.
We do not provide quotes.
But, sometimes they get offers with their bill for a rider. For those you can assist them, all the information is on the bill. They can either send in the additional amount to accept the offer or send the regular monthly prem to decline.
What happens when the person that is calling to cancel, is either:
-A funeral home
-Company
-Trust
What if it's a POA?
What if IT IS the PO calling, BUT they have an Irrevocable Beneficiary OR there is a Collateral Assignment?
**** A Surrender form would need to be sent out for ALL of these options. ****
If it is a Company.
We will need a BOR (Board of Resolution) document. Dated within the first 30 days of request.
If it is a Trust.
We will need Trustee Documents on file.
We can find this in Content Nav.
If it is a POA.
We need to make sure first the POA is authorized to surrender the policy.
(We check the POA BE on cpis, to check they are authorized). If NOT, then we OPEN a POA BE.
And ask to verify if the POA is Auth to surrender.
Once that is verify, we send them the surrender form. They need to sign where the owner signs and add POA next to the signature.
If it has a Irrevocable Beneficiary?
Or a Collateral Assignment?
IF YES, Surrender Form needs to be sent out.
Explain a form will be sent out and Irrevocable Beneficiary Needs to sign.
If Yes to a collateral assignment...
A collateral release form will need to be received.
The form can be sent by opening a 416 BE
Once we have that, we send the surrender form.
Can you assist them if they do not know their produce number?
What can they provide to have authorization?
And, where can you verify that is the authorized producer.
1st answer: No.
2nd answer: They can provide the last 4 of the producer number.
(And yes, it can be the assistant, calling for them)
3rd answer: You can find the producer number on Salesforce, in the producers tab.
In SWT.
You can also look at the policy application.
Or in Cpis, you can got to screen name SUMI, ADRI, SVAI
If for some reason, we have to open the 422 BE.
And the customer is requesting for us to deposited into the bank acct, can we?
Or can we expedite the check?
Short answer: Yes.
BUT we have to have support approve it.
and 2, that will only get approved if it is an emergency.
Also IF the PO is already on BSP.
and we have their SSN listed.
if not, support will not approve it.
Same applies to expedite a check.
Support has to approve it.
And we have to make sure we tell the customer it is expedite NOT overnighted
(Even though the BE we open says overnight, it is NOT. Support provides you with the details)
and it can take 2-3 Business days for them to receive the check.
When a PO calls to take out a loan, for both Spanish and English. What is our process?
For English we Cold transfer to IUL.
For Spanish, we warm transfer and explain they will need to get a translator.
Sometimes we get calls, and the PO gives us a random policy number OR we are not able to find them.
Pol # Example: GCEL-1234
But they are being charged by us?
What can that mean exactly?
The best answer is GROUP!
We are not able to see those policies and those policies are normally through the POs workplace.
We do not handle those or are able to find those policies.
You can provide them the group number
or offer to transfer them.