Procedure Update for Duplicate Life Insurance Policy Contract Requests
 
Transamerica
Procedure Update for Duplicate Life Insurance Policy Contract Requests
The purpose of the bulletin is to communicate to all general agents and producers selling across all business alignments of a modification in Transamerica’s procedure.

Audience
This will be an impact for all policy owners who request a duplicate life insurance policy contract

Why the Change
A change was necessary in order to promote consistency among business units as more of our agents continue to cross sell products.

What is Changing
The procedure that has been modified is in regards to our Duplicate Life Insurance Policy Contract Request.

How is it Changing
It will be required for policy owners to complete a written request and pay $25 in the form of check or money order to obtain a duplicate life insurance policy contract. This can be completed via letter of instruction that contains the policy owner’s signature, policy number, and must be dated.

In order to alleviate concern for the policy owner and prevent out-of-pocket expense, we have developed a Verification of Insurance Coverage Certificate that can be sent by the Contact Center Representatives and will serve as proof of insurance coverage. Contact Center Representatives have been instructed to offer this as an alternative to a full duplicate life insurance policy contract and help the policy owner avoid the expense that will be incurred in producing the duplicate policy contract.

Exemption/Waiver of Fee
It is important to note that the duplicate policy fee is waived in the following situations:
1) CA residents – California regulations require insurers to provide one free duplicate policy per calendar year upon request;
2) Disaster or Emergency Order – If the original policy was destroyed in a natural disaster and/or if there is an Emergency Order specifying the handling of duplicate coverage, the duplicate fee will be waived; and
3) No evidence of delivery within one year of policy issue. If the request for a duplicate policy is received within one policy year from the original issue date and there is no evidence of policy delivery in the file, the duplicate fee may be waived.
When
Changes take effect on:
CR (Agency) / TIIG (Brokerage) (Serviced in Cedar Rapids) - November 1, 2016
fWRL (Serviced in St. Petersburg) - November 15, 2016
fMonLife (Serviced in Baltimore/St. Petersburg) - December 1, 2016
Questions?
If you have questions regarding this change, please contact our Sales Office or Customer Service. For New Business questions, either contact your distribution-specific, toll free number or email the Inforce Policy Issue Team at policychange@transamerica.com



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Life insurance products are issued by Transamerica Life Insurance Company and affiliated Transamerica companies.

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4333 Edgewood Road NE, Cedar Rapids, IA 52499


                                                           

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