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No. of Recommendations: 11
Nedludd - why do you reject any and all authoritative sources that you disagree with? To make it clear- I am not referring to myself as an authoritative source - I am referring to the links and book resources I have posted.

Some of them are:
State Insurance Boards
The Securities and Exchange Commission
The NASD
Law Firms
Other Investment Advisory Firms
The Journal of Financial Planning*
The Investment Advisor*
*The above "professional" magazines are of and for the "financial profession". Don't you subscribe to and read them? Or do you just place them on your desk to impress potential clients?


Actually, cdr, you will find if you ever read one of my entire posts that I have never denied that there are some bad agents in the industry. I have dismissed some of your sources as being biased or less than authorative, but I have never dismissed the charge that your favorite allegation of "Material misrepresentation of the facts" does occaionally occur. I do contest it when it is charged without basis in specific cases.

Would you care to tell why you dismiss authorative sources you disagree with, such as Vaughn?

"Is this just your back door way of letting you carelessly fling accusations of illegal activites when you have no basis for the allegation"

What is your problem nedludd? All you have to do is "click" on any of the hyper-links or read any of the reference books. In addition to explaining material misrepresentation some tell about actual cases of material misrepresentation against consumers by salesmen.


Again, find where I said that it never occurs. The fact that it does occur does not mean that it occurs in every, or even more than a small minority, of cases. Find the number of policies placed in a given year and compare it to the number of complaints against agents. You can eevn use just complaints, not complaints that were decided in favor of the buyer. You will find that it is a very small per centage, although I will agree with you that any is too high.

The emerging areas of life insurance litigation developing as a result of the foregoing trends fall into two main sub-types, Market Conduct and Negligent or Predatory Financial Management Practices. “Market conduct” is a term now widely used and accepted in the insurance industry to describe problems associated with the distribution and sale of life insurance, including such matters as agent misrepresentation, false and deceptive advertising and fraud in the design and description of insurance products.

REREAD THAT PART OF THE SENTENCE AGAIN NEDLUDD


Actually, I can read an entire sentence in one shot.I don't disagree with this, now give me a specific. This is like saying that because some NFL players are criminals they all must be.

In life insurance, the key areas involving agent misrepresentation include misleading statements or sales presentations concerning the amount of premiums necessary to maintain a policy and incorrect interest rate and inflation projections in describing the future anticipated performance of a policy (either orally and/or in computer-generated “illustrations” or “ledgers”).

REREAD THAT PART OF THE SENTENCE AGAIN NEDLUDD

...and incorrect interest rate and inflation projections in describing the future anticipated performance of a policy (either orally and/or in computer-generated “illustrations” or “ledgers”).


We'll cover this point with this one:

I have no idea who pulled the above posting. If it was TMF shame on them. My recollection of the post that you are in such a snit over is as follows: I asserted that the agent - by not taking into account inflation over a 53 year projection - was materially misrepresenting the facts; and, in my opinion the illustration was just a manipulative device used to generate a product sale.

The above is my strong opinion. Are you nit-picking, because a "material misrepresentation of fact" is a legal determination of fact - after all evidence has been argued in a Court of Law in front of a Judge and/or Jury?


Material misrepresentation of facts is a serious charge, that can result in license suspension or revocation. You fling it around with a casualness that is disturbing. If it is your opinion you are mistaken and really need to learn what you are talking about.

You say that you object ot the fact that the agent did not take inflation into account. Two problems with that. I don't know that he didn't, and would certainly want to ask if inflation was mentioned before I assumed it wasn't. You never bothered to check, you just leapt right ahead with the charge that this agent should be sanctioned.

Second, the poster said he was shown an illustration. An illustration has a specific meaning and term in the insurance industry, one which it seems you don't know about. In PA, an illustration must be delievered to the client prior to or at policy delivery, and the buyer must sign that he receieved the illustration. The method of the illustration must be approved by the state commisioner of insurance, and the agent can not adjust it in any way. The illustratiion is usually generated using NAIC approved software provided by the issuing company. In PA, I do not ever recall seeing inflation on an approved illustration. Were I to try to add it to the illustration, the illustration would no longer be in compliance and I would risk sanction.

You seem to call for agents to commit illegal acts on such a regular basis that I am forced to doubt your actual working knowledge of regualtions.

BTW, if it was not you who requested to have the post pulled, my apologies.

Nedludd - I find it interesting that the financial/insurance profession "talk the talk" about protecting the public, but in reality they seem not to want to "walk the walk" and recognize or warn when consumers are being abused.

Nedludd - you whine: "You are the living embodiment of the adage "A little knowledge is a dangerous thing," and your willingness to slander those who disagree shows you to be someone totally lacking any value or values. I can not begin to take you seriously until you give the basis for the attack. You left no room for you to wiggle, so at some point you should answer the question as to why you made the statement."

Look in the mirror nedludd, as the all knowing Pogo once said, "We have seen the enemy and it's us!"

Nedludd, I suggest you know that insurance abuse occurs, but you are like the "living embodiment of the adage" "SEE NO EVIL, HEAR NO EVIL, SPEAK NO EVIL" (about your profession) - but disparage and attack those who point out how consumers are being "screwed", by some uncaring financially illiterate salesmen, who are only interested in the commissions they will receive on product sales.

Maybe you should concentrate on your spelling instead of ignoring the fact that consumer abuse is happening in your chosen profession.


You may want to actually read some of my postings on other boards in which I point out the flaws inherent in the system. Currently, I am too busy on this board pointing out the errors of the those who "SEE EVIL HEAR EVIL AND SPEAK EVIL WHETHER IT IS THERE OR NOT."

As far as being "screwed", by some uncaring financially illiterate salesmen, who are only interested in the commissions they will receive on product sales" I fully support punishing those who are actually caught doing this. I do not support baseless accustions against people who are not doing this. I also fully support calling financially illeterate posters pretending to have knowledge they don't on their nonsense.

Maybe you should concentrate on your spelling instead of ignoring the fact that consumer abuse is happening in your chosen profession.

OK, you win the debate on that one. I am a poor typist and not a great speller, so my arguements are moot.

Maybe you should concentrate on actually learning the regulations and their applications instead of just skimming the surface of what you read on the web.
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