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insurance sell out...........

hillbillehillbille Member Posts: 14,456 ✭✭✭✭
edited January 2017 in General Discussion
I carry a small policy with progressive on my 4-wheeler, everything else i have state farm on, with the same agent for over 30 years, and yes I could probublly save money by switching from state farm, but my agent is like family and will literally fight for us.
back to the progressive policy it is with a different agent. got a letter in mail yesterday saying basically my agent had died and since this agent represented most of the same companies they bought the other agents clients from the family. I never knew an agent could sell policies to another agent. they were wanting me to fill out this form so they could verify me. I figure if they got the address right for this letter to notify me they own my policy, they can send me a bill in may for the 4-wheeler, don't need any other info as far as I am concerned.
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Comments

  • mogley98mogley98 Member Posts: 18,291 ✭✭✭✭
    edited November -1
    Residuals

    My FIL sold his residuals for a million dollars in 1986.

    Essentially if I understand it correctly you are buying the rights to the clients you may potentially be able to renew later and therefore earn commissions from later on.
    Why don't we go to school and work on the weekends and take the week off!
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  • 1911a1-fan1911a1-fan Member Posts: 51,193 ✭✭
    edited November -1
    you can always sell your "book of business"

    sad part is if you are a captive agent{one who sells exclusively for 1 company} the company can split your book of business
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  • 1911a1-fan1911a1-fan Member Posts: 51,193 ✭✭
    edited November -1
    quote:Originally posted by forgemonkey
    quote:Originally posted by 1911a1-fan
    you can always sell your "book of business"

    sad part is if you are a captive agent{one who sells exclusively for 1 company} the company can split your book of business


    They didn't split mine ,,,,,nor was there any option to.



    i was unaware you are an insurance producer
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  • 1911a1-fan1911a1-fan Member Posts: 51,193 ✭✭
    edited November -1
    so are you saying they just took it ?

    thats why i am freelance
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  • 1911a1-fan1911a1-fan Member Posts: 51,193 ✭✭
    edited November -1
    good for you, i know a few that work for big name companies with store fronts that have had their bob split to accommodate new agents , sure some are purchased but they didnt have a choice


    farmers keeps sending me a buy in for 25k with a full line and existing bob
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  • pulsarncpulsarnc Member Posts: 6,552 ✭✭✭✭
    edited November -1
    My uncle started as an independent agent in the early 60s. Thru careful work he and his oldest son built the business into one of the largest around .In later years they developed into Atlantic Casualty insurance and just recently sold it and its parent company SIG ,Strickland insurance group
    cry Havoc and let slip  the dogs of war..... 
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  • mag00mag00 Member Posts: 4,719 ✭✭
    edited November -1
    quote:Originally posted by hillbille
    I carry a small policy with progressive on my 4-wheeler, everything else i have state farm on, with the same agent for over 30 years, and yes I could probublly save money by switching from state farm, but my agent is like family and will literally fight for us.
    back to the progressive policy it is with a different agent. got a letter in mail yesterday saying basically my agent had died and since this agent represented most of the same companies they bought the other agents clients from the family. I never knew an agent could sell policies to another agent. they were wanting me to fill out this form so they could verify me. I figure if they got the address right for this letter to notify me they own my policy, they can send me a bill in may for the 4-wheeler, don't need any other info as far as I am concerned.


    Almost sounds like a phishing scam.
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