Did they write themselves new policies one year later? And every year until the issuer fixes the problem?
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Mostly seen dumb stuff around modelling.
My favourite was using excel and vba to fit a distribution to a set of stresses.
This is when R was free mind you.
Too many companies operate under the “if it ain’t broke don’t fix it” mentality.
I don’t think they did. I left not too long after that, but pretty sure not.
In Canada you get commission clawed back if the policy lapses in the first two years. That seems to make a lot more sense.
But yes, it’s nice being licensed and selling policies on yourself/family. Basically free insurance for a year. Gonna write an Ltd policy on my son, comp.will equal premiums for a year, after that point he should be making enough to take over the policy.