The Importance Of Delivery Receipts It has been brought to our attention that some insurance companies are no longer including Delivery Receipts with their policies unless it is required by a specific state. This is troubling for the following reasons.DELIVERY RECEIPT FOR POLICY When you have the Delivery Receipt signed by the client it is proof that: 1. You delivered the policy. 2. Date the client’s “Free Look” begins. We’ve all known brokers that have worked hard shopping for just the right insurance policy for that special client, got the policy through underwriting and delivered it. They are proud of the job they have done to help the client protect their family with a highly rated insurance company and at a good competitive rate. They have earned their commission. A few months later they are notified that their commission has been charged back because the client says he never received the policy. Where is the proof? The burden of proof will always be with the insurance broker. If the insurance company does not require or provide a Delivery Receipt, don’t let it stop you from providing your own form for the client to sign. Should a question of delivery or free look period ever become a question, you have the proof in your files. It’s time for you the broker, to protect your family. Get those Delivery Receipts signed!
Posted on: Thu, 05 Jun 2014 20:08:21 +0000
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