PennCorp Life Insurance of Canada ripoff earned income victimized us Mississauga Ontario
Rip-off TITLE:
Unpaid commission and refund for error and omissions insurance.
Rip-off STORY:
After I had received my Accident & Disability insurance agent's license of Ontario I worked for a week at PennCorp Canada Life Insurance located in London, Ontario. However, the earned commission of $156.00 and refund for the errors and omissions insurance of $165.00 was never paid to me. I have sent several emails to the company's head office including a fax requesting that they send me the earned money and refund the unused portion of their "errors and omissions" insurance but they never responded to this day. I have also called several times their branch office in London, Ontario but they said call our head office. So who is at fault here now? Rip-off company or innocent insurance agent? One more strange thing that happened is when I requested my original insurance agent's license they refused to return to me. They said it will stay in our possession until it expires.
I am not sure who is supposed to be enforcing this rip-off scheme, but all I know is that if a company hires and trains 1000 people a year and rips off each one for $350 that comes $350,000 which is some money. However this is very likely an underestimated rip-off.
I hope one day this rip off scheme will be stopped and the insurance companies become better enforced by the provincial governments.
RIP-OFF Company details:
Head Office
PennCorp Life Insurance of Canada
(formerly Pennsylvania Life Insurance of Canada)
55 Superior Blvd
Mississauga, Ontario
Canada
Tel: 1-800-268-2835
Fax: (905)-795-2316
Email: cs@penncorp.ca
Dated: Nov 21, 2002
DON
LONDON, Ontario
1 Updates & Rebuttals
Wesleybb
Fredericton,New Brunswick,
Canada
Insurance Industry
#2Consumer Comment
Tue, May 26, 2009
Dear Sir,
I work in the insurance industry and I believe you are unaware of a few things. First of all, once E&O is paid for it can not be reimbursed. But if you paid for it yourself it is yours to keep and a copy of your E&O can easily be replaced by contacting your E&O supplier.
Secondly once any sponsorship is terminated, any company will hold onto all income for a period of time to insure at none of the policies you sold, cancels in which would place your account in a negative balance.
As any agent whether a "captive agent" or a "broker" we are self employed, thus we must payback any negative balances. Plus it is my experiance that most "captive agents" never read their contract. I'm sure your contract holds some statements regarding termination.
As for your original license. The company should have returned it, however once your where terminated, the sponsorship would have ended, and since your license has the company's name on it, it is a HUGE security risk to allow people to retain their license with the threat of that person pretending they work for the company when they do not.
Besides you can easily get another license once you get another sponsor.
I see you are upset, but your comments are unfounded and have no grounds. This is more of a venting then a rip-off report.
Good Luck in the future