PennCorp Life InsuranceRipOff Alert

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Verified customer

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: [protected] Fax: [protected] Email: [protected]@penncorp.ca Dated: Nov 21, 2002

Responses

  • Dj
    Djsyclone Jan 08, 2013

    There are a few things that dont make sense. First of all, there are no reasons why they wouldnt pay you. Penncorp is regulated, as with all insurance companies in Canada by the CHLIA - you should have their contact information from training. Secondingly, the only thing I can think of as to why they didnt pay you is because of a fraud application (if this were the case they are probably investigating)
    Thirdly, you were talking about EARNED commissions - you only fully earn the commission after the full annual premium is paid. This again is standard operating procedure in the insurance industry.
    Fourthly, from the people l know that are agents at Penncorp, they have their E&O paid for by the company and also, they got 4 weeks of PAID training.. so im not sure where you signed up.. are you sure it was Penncorp?? or a broker firm like Landmark? I know Landmark sells Penncorp products but they are very different businesses.
    I see that you have only been with the company for a week so it seems more of a lack of industry knowledge on your part sorry to say.

    0 Votes
  • Ss
    ss1980 May 03, 2012

    Same happened to me as well at Penncorp. Total ripoff!

    -1 Votes
  • Ma
    MalcolmI Nov 03, 2011

    I see this individuals, same complaint on 6 other websites. And it bugs me. I am a newly licenced agent working under the Penncorp banner. First TO BE AN AGENT YOU MUST BE SPONSORED BY THE SAID INSURANCE COMPANY. I am sponsored by Penncorp and should I leave, MY LICENCE is returned to the governing board until I am rehired by another insurance company and at which time that company will sponsor me and my licence is returned to me stating that fact.
    Next Landmark/Penncorp have AT LEAST 3 weeks training me not to mention any and all the peripheral support that I get.
    In my opinion, it is illogical to think that they are making a dime on me, more over, I would beg to say that they have invested three times more in me, than I paid to them.

    0 Votes
  • An
    Anuks35 Oct 26, 2011

    I'm not sure why Penncorp didn't refund your e&o insurance premium or refused to pay
    Your earned commissions. But I can say that a lot of companies don't pay commissions once you quit.

    Also you said you wanted your license back. Are you kidding me??? Why would they ever give that back to you? I can see clearly why they wouldn't. Anybody with could go around saying that they're licensed to sell insurance with that, when they're not.

    0 Votes

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