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July 21, 2009

Seneca One Finance Takes Liberty With Term "Annuity Specialist"

by Structured Settlement Watchdog®

Structured settlement buyers' rampant and misleading use of insurance terms in advertising continues. Today's bugaboo is about Bethesda MD based Seneca One's use of the term ""annuity specialist"

The Certified Annuity Specialist designation is issued by the Institute of Business & Finance through a six-module curriculum, which take 23 hours or less to complete, a written case study and requires 15 hours per year of continuing education for the first five years following certification. The course includes an open-book case study as well as a final exam administered by FINRA.  Source: Investopedia, IB&F

In its web page entitled getting started Seneca One, on Day One Seneca One states that "an annuity specialist" works with you to create a funding plan. On Day 3, Seneca One states that that "an annuity specialist is then with you every step of the way"

Does Seneca One's use of the term "annuity specialist" imply that their employee or agent is insurance licensed in the state of solicitation?  ARE THEY?

Does Seneca One's use of the term "annuity specialist" imply that their employees or agents have earned the Certified Annuity Specialist professional designation?  HAVE THEY?

Is Seneca One's use of the term "annuity specialist" simply to "mask" the true nature of their work"?

Ex presidents "The Ex Presidents"  from Point Break, 1991
 

Action plan

I intend to write to various state insurance commissioners, my congressmen and the Departments of Consumer Affairs in my home and surrounding states. I encourage my readers to do the same. It is only by (1) exposing these practices, (2) advocacy and (3) action that things are going to change.

 More posts about use of misleading terms by Seneca One

"Structured Settlement Processing Group" Is No "Deutsche Treat"!

Posted at 11:11 AM in Annuity Specialist, Cash Now Pushers | The "Cash Now Fix", Factoring Company Bad Business Practices, Misinformation About Structured Settlements, Seneca One Finance Commentary, Seneca One is Annuity Specialist?, Settlement Advertising Wall of Shame, Structured Settlement Factoring News, Structured Settlement Watchdog® |

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Guide to Structured Settlements 2023

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    Treasury Funded Structured Settlements are a settlement option for the most conservative using the OTHER permissible qualified funding asset under IRC 130(d), United States Treasury Bonds in addition to, or instead of, structured settlement annuities. Treasury Funded Structured Settlements can also be used to fund installment sales, also known as structured sales and other non qualified structured settlements.
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  • What Are Structured Settlement Annuities?
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  • History of Structured Settlements
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Structured Settlement Best Practices Corner

  • New York Insurance Advertising law requires the full name of the Insurer to be listed along with the city and state of the principal office. Stating that you represent these fine companies using Insurance company logos without the preceding information are also illegal
  • When it comes to settlement documents it is the ultimate responsibility of the lawyers or claims adjusters who receive input concerning the structured settlement aspects of the documents to actually read the entire document, exercise independent thought and advise their clients properly
  • Be aware that financial advisors use of testimonials is prohibited or restricted
  • Most states require that Testimonials represent the CURRENT opinion of the person who made the testimonial. Be prepared to back it up.
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