Beginning tomorrow August 1, 2013 , when Legal & General America receives a reissue request solely to move back the issue date of a policy, we will send the customer a letter explaining that such a request is not in his or her best interest. The policy date will not be changed. This procedural change applies to policies issued by both Banner and William Penn. See the letter message below.
This is good news: Like many companies, we date our policies 21 days forward from the day they're issued. This insures that, if the broker delivers the policy and collects delivery requirements within three weeks, the client is not paying for coverage that was not in force (which would be the case if we dated the policy the same date as the issue date). Many clients fear that coverage will not be in effect until the three week forward date, and request a date consistent with the delivery date. In fact, coverage is in-force as soon as the policy is delivered and requirements have been met (e.g., the initial premium collected by the broker).
The new procedure prevents the broker from having to re-deliver a reissued policy, saving time and expense for the broker, your agency, our shared customer and us.
