This category only includes cookies that ensures basic functionalities and security features of the website. Pursuant to 10-2-417 (2), C.R.S. Yes. For many people,life insuranceisnt a luxury, its a necessity, especially if youre the main breadwinner. Florida Insurance Code and related resources. They also know the insurance company inside and out because theyre only obligated to learn about that one company. You can get the right advice by talking to one of the insurance experts we work with. Businesses that dont spend as much on marketing are more likely to work with these agents. In most cases, policies are purchased by the person whose life is insured, but life insurance policies can be taken out by spouses or anyone who is able to prove they have an insurable interest in the person. This. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. A Complete Guide on When and Why You Should Switch Insurance Agents, Rental Property Insurance in Massachusetts, Apartment Building Insurance in Massachusetts, Commercial Property Insurance in Massachusetts, Property Development and Developers Insurance, Property Managers Insurance In Massachusetts, Cyber Liability Insurance in Massachusetts, Professional Liability Insurance in Massachusetts. . A Red Ventures company. Next, look into reviews and testimonials. Cancelling or Reducing FEGLI (federal life Insurance) Coverage. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. While the amount of people majoring in courses preparing people for a job as a insurance agent isn't necessarily dropping, fewer and fewer people are applying to become insurance agents in the first place and the workforce itself is looking grim. As Founder and President of LoPriore Insurance Agency, Johns goal from the start was to ensure each client receives the best customer experience possible, whether its service or insurance products from LoPriore Insurance Agency. Who do they tell you to avoid? Answer. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. They dont want to help you keep your insurance reasonable, and they want to fill their pockets. For maximum ease, you may want to consult the following steps: Talking with a licensed insurance agent as you go along can help you to make sure youre getting what you want out of the switch. John brings 25 years of experience, helping clients buy insurance, and understanding what insurance fits their lifestyle. Columbian's Simple Security Whole Life plan is whole life insurance designed for people who buy small amounts of insurance and may need to have their premiums collected by an agent. If you have any questions, feel free to call us on: Self-Employed Mortgage with 1 or 2 years accounts, Joint Borrower Sole Proprietor Mortgages (JBSP), Mortgage With Bonus and Commission Income, Transferring a Mortgage to Another Property, Mortgage Declined After an Agreement in Principle, Interest-Only Mortgages vs Capital Repayment Mortgages. Speak to an expert today - For Free! Contact usto learn all about switching your insurance and get help with purchasing the perfect policy. Before making your decision, do your research. 8 hours for variable products. If you were to put an ex-spouse as the beneficiary during the divorce proceedings, they will be automatically revoked as a beneficiary once the marriage is formally dissolved. Bankrate.com does not include all companies or all available products. To determine whether your life insurance company is . The insurance company will issue a cessation certificate within 15 days from the date of surrender of . There are various options available to you if you need to raise the amount of life insurance. When not working, John enjoys spending time, friends, and family. How can I change my life insurance premiums? While you can compare and apply for life insurance entirely on your own, sometimes that means a lot of waiting for a response from an insurer before . Changing your life insurance policy when your family changes Life insurance policies are usually set up to last for 25 years and in this time lots can change. But opting out of some of these cookies may affect your browsing experience. As long as youre switching during renewal time, youre only subject to the changes that would already have come with the renewal. You have money questions. Its important to assess your situation every year. The offers that appear on this site are from companies that compensate us. Mail your documents to: Texas Department of Insurance Agent and Adjuster Licensing Office, MC CO-AAL P.O. They are whole-of-market, which means they have access to all life insurance providers across the UK rather than only a select few. Because my agent is no longer delivering services, I respectfully request that you change my agent. Term life insurance is precisely what the name implies: an insurance policy that is good for a specific term of time. Finding a new agency seems confusing. Youll save money, stress, and time when you go to an insurance agent. They'll likely send you a 'change of beneficiary' form. In conclusion, it is possible for a representative with power of attorney to legally change the beneficiary on a life insurance policy. If youre looking for information on a home insurance quote and youve already explained your queries to one agent, the next agent wont have that information, and youll have to start all over. They handle the back-and-forth It's an agent's job to help you navigate all the nuances of life insurance and guide you through the process of buying a policy. Fortunately, the life insurance advisors we work with are experts when it comes to finding the best deal. To avoid potential complications, it might be better to pick someone else, such as an adult child or, as discussed below, a trust. You may want tocancelyour policy altogether. HomeInsurance.com LLC services are only available in states where it is licensed and insurance coverage through HomeInsurance.com may not be available in all states. You want to invest your money in an account or portfolio with higher returns. Insurance Disclosure. PO Box 8588. The Review Board comprises a panel of financial experts whose objective is to ensure that our content is always objective and balanced. If youre found out (and you will be), the insurance company can void your policy. If this insurance agent claims to work with a great insurer that you cant find information on, walk away. If you have your eye on a big name insurance company, you might be out of luck. This will be essential if you cancel your insurance policy and open another one with a different life insurance provider. The administrative burden of switching providers, whether it's for a bank account, a mobile phone provider, or utilities such as gas and electricity, is something that few of us look forward to doing. The information on this site does not modify any insurance policy terms in any way. ). We are an independent, advertising-supported comparison service. Which certificate of deposit account is best? However, if you change your beneficiary, the money may be subject to tax if you die within seven years. Bankrate is compensated in exchange for featured placement of sponsored products and services, or your clicking on links posted on this website. Life Insurance and Inheritance Tax A Quick Guide, Life Insurance for People Aged 70 and Over. Bankrate.com is an independent, advertising-supported publisher and comparison service. In general, you will need to complete a questionnaire with details about your health, but if you are looking for a low amount of coverage, you may not need the exam. That said, large marketing budgets dont equate to high-quality insurance. They may offer things like one time deals or limited promotions that end that week. If you dont have success with word of mouth suggestions, take your search online. If you need workers compensation insurance, your agent may lie about the number of employees you have, claiming that some are contractors. They can pluck you out of that office and put you in the new office you want. Their reviews hold us accountable for publishing high-quality and trustworthy content. Use tab to navigate through the menu items. With plenty of people needing help and few mortgage providers lending, Pete found great success in going the extra mile to find mortgages for people whom many others considered lost causes. That allows them the flexibility that they need to make the best choice for your situation. You want to make sure that your coverage amount is sufficient to help your loved ones. Its time to take a look at new insurance agents. This advertising widget is powered by HomeInsurance.com, a licensed insurance producer (NPN: 8781838) and a corporate affiliate of Bankrate. Below, we discuss life insurance ownership and how you might transfer ownership to another person or entity. This is a problem. Are you in need of a new insurance agent? Vikas Deshmukh Insurance at Max Life Insurance Author has 128 answers and 18.2K answer views 3 y Independent insurance agents work with a variety of insurance companies. All of our content is authored by If its been too long, contact your agent. There are also riders to these policies, such as accidental death and dismemberment. Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. All rights reserved. He tirelessly works to ensure that his team of experienced and licensed professionals are not only dedicated to superior customer service with a commitment to ease of doing business. We know everyone's circumstances are different, that's why we work with brokers who are experts in life insurance. and Colorado Insurance Regulation 1-2-19, you must provide a $20,000 signed Surety Bond from an insurance company and a Power of Attorney in the format defined in the regulation above. Necessary cookies are absolutely essential for the website to function properly. By raising the amount of coverage you have in place, you can ensure that your family will not be burdened. Identifying Untrustworthy Insurance Agents: 10 Ways to Know 1. In most cases, they'll give you an "additional beneficiary" form to complete. He earned his Bachelors from the University of Texas. You can reduce your premiums by reducing your coverage. BR Tech Services, Inc. NMLS ID #1743443 | NMLS Consumer Access. Worse still, there are untrustworthy insurance agents. There Are No Clear Credentials and No Physical Address, 6. Expert verified means that our Financial Review Board thoroughly evaluated the article for accuracy and clarity. Dont get too excited. There are a number of other modifications that you may make to your life insurance policy as well. "}},{"@type":"Question","name":"Can you switch your life insurance at any time? She helps manage the creation of insurance content that meets the highest quality standards for accuracy and clarity to help Bankrate readers navigate complex information about home, auto and life insurance. Dont be fooled; while it may seem like theyre doing it for your benefit, its for theirs. It isnt impossible that your agent plans on tricking you into a plan with poor coverage, or even a plan that doesnt exist at all. I understand my permanent policy would be "fully paid up" at age 65. These agents have no interest in sticking with specific companies. The beneficiaries can be one or more individuals or even an organization. by applying legal form or letter to the health insurance agent. He blogs at. Therefore, this compensation may impact how, where and in what order products appear within listing categories. I know this may be an uncomfortable step, especially if it's a bad service issue. These cookies do not store any personal information. They will offer any advice specific to you and your needs. There may be some fine print that youre missing or some confusing legalese. Unlike independent agents, theyre bound to these companies, so theyre motivated to sell you insurance whether or not its the best option. An individual transfer means that you directly transfer ownership of the money to someone else. Its time toswitch car insurance companies, business insurance companies, home insurance companies, compare car insurance quotes or more, make the switch. The exam scores are only valid for one year. However, there are some . Pete also writes for OMA of course! Youll get more information on your potential policies, and each agent will offer better customer service. Alternatively, you might cancel your insurance and look for a new policy that better meets your requirements. While anyone over 18 can apply for life insurance, keep in mind that some providers have age limits. To find out if your insurance policy may be altered, read your policy paperwork or contact your insurer directly. They Encourage You to Inflate the Value of Your Claim 7. For example, changing State Farm agents is relatively simple. You can't afford the premiums. They Add Extra Coverage 6. Your signed Surety Bond and Power of Attorney should be attached electronically in Sircon . You'll need to submit a change of beneficiary form online, on paper, or over the phone. Because insurance agents make a commission, some of them are inclined to add things that you dont ask for to boost their own profits. One of the best alternatives to choosing to take the risk and live life uninsured is to buy yourself an individual insurance policy. Keep in mind that policies which do not require a medical exam are going to be more expensive in general. While they may look professional, they may be fraudulent. If the policy you currently have no longer meets your needs or the premium is unaffordable for your budget, talk to your insurer or agent about your options before you make changes or switch carriers. The 16th September, 2021. Research the companies first and take a close look at any documents the agent asks you to sign. You may be able to convert your existing policy or reduce your coverage amount to adjust to your new goals. At Bankrate we strive to help you make smarter financial decisions. Know that the "person" can be a human being but can also be an organization, a trust, an estate or a charity. While you can always contact us with your queries, and were happy to talk you through them, here are a few frequently asked questions to get you started on the right foot. Yes, you can change life insurance companies and take out a policy with another provider. Pearson VUE. If you enrolled in Medicare Supplement or Medigap, you can change your plans anytime but you may be subject to underwriting. This is one instance in which trust might be beneficial. While these companies have agents, a direct agent attends to your needs, while call center agents may toss you around the office, so youre always speaking with different people. Why Lemonade? Expand all Agent and Adjuster General Licensing and Compliance Agency Licensing and Compliance Bail Bond Agents Bail Bond Agency Continuing Education (CE) eAppoint and Appointments Examinations Navigators All rights reserved. Finding a Great Independent Insurance Agent, Benefits of a Great Independent Insurance Agent, Identifying Untrustworthy Insurance Agents: 10 Ways to Know, 4. Their commission rates are higher, meaning that providing better customer service to ensure customer trust is crucial. We value your trust. Our contact information is listed at the bottom of this page in the "Need More Help?" area. For health insurance, it is up to 7%. Instead of changing your life insurance, one alternative is to keep your current policy and take out a top-up life insurance policy from another provider. This content is powered by Insurance agents have ratings and reviews on Google and Yahoo to help potential customers. As long as the state laws have been followed and the procedures required by the financial institution have been met, the process is allowed. Youll want to examine your needs and budget before making this decision. Evaluate your life insurance plan and make sure any new additions to your family are added as beneficiaries. These suggestions are important. You can compare insurance plans with an unbiased agent. Keep in mind that any changes may have an impact on the premiums that you pay. Life insurance often pays 100% or more of the premium. The experience he gained, coupled with his love of helping people reach their goals, led him to establish Online Mortgage Advisor, with one clear vision to help as many customers as possible get the right advice, regardless of need or background. While we seek to provide a wide range of offers, we do not include every product or service that may be available to you as a consumer. Who have they had success with? So why do you need an agent at all? So, if you are not satisfied with any procedures then I would recommend you personally to change the insurance provider. Always take a thorough look at your coverage and point out anything that seems off. Youll also find that the process moves fast because you have all insurance companies at your fingertips. The other way to transfer a life insurance policy is through an irrevocable trust. Coverage.com services are only available in You might get extra life insurance to supplement your current coverage. Did they add coverage without your consent? Lying on claims forms is a form of insurance fraud. Senate Bill 3606, signed into law in December 2022, corrects an error on the post-9/11 GI Bill benefit transfer forms that made it difficult for dependents to receive their post-9/11 GI Bill benefits. They Encourage You to Inflate the Value of Your Claim. She also focuses on ensuring that Bankrates insurance content represents and adheres to the Bankrate brand. {"@context":"https://schema.org", states where it is licensed While it may be a matter of mail being held up, its possible that your agent is either using a fraudulent company or pocketing the difference after giving you a cheaper insurance plan than what you were quoted. Petes presence in the industry as the go-to for specialist finance continues to grow, and he is regularly cited in and writes for both local and national press, as well as trade publications, with a regular column in Mortgage Introducer and being the exclusive mortgage expert for LOVEMoney. When you opt to use an insurance agent, they help you parse through all of those details. You may wish to cash in the value of your policy. Our experts have been helping you master your money for over four decades. ","acceptedAnswer":{"@type":"Answer","text":"The best life insurance company will vary for everyone based on their specific coverage necessities, policy preferences and customer service needs. State Farm agents: Provide valuable information about insurance, the risks that make it necessary, how to protect yourself from those risks, and help you take action to achieve . Bureau of Insurance P.O. The offers and clickable links that appear on this advertisement are from companies that compensate Homeinsurance.com LLC in different ways. Think carefully before securing other debts against your home. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. To change your beneficiary, simply contact your insurer. You might later find that the term length of your life insurance policy isn't long enough to meet your needs. Should I Take Out Funeral Life Insurance? They can find whats best for you without being restricted to one company. so you can trust that were putting your interests first. You arent getting the best rates because you dont have the ability to shop around. These changes usually happen around renewal time if you want to avoid any cancellation fees. This way, the fraud is put onto the agent, not you. Sell you a non-health related product, like an annuity or life insurance policy, during a sales pitch for a Medicare health or drug plan. By making an enquiry you accept that your information will be passed to one of the specialists, these are IFAs, Whole of Market Financial Advisers, and other regulated professionals. Some insurance companies will charge surrender fees if you switch your life insurance to another company, but this only applies towhole of life insurance policies. Unlike many types of insurance, life insurance is designed to remain in effect throughout your entire life. High-Pressure Sales Tactics 2. I'm Francis Chakravarti, and I have an insurance coverage with your firm with policy number D500471. During the appointment, they can only . Whether you want to get the most out of your pension, or secure a new mortgage deal - we've got it covered. The process for canceling or reducing . Life insurance isn't a one-time purchase for many people. Here's an explanation for how we make money Life insurance for divorced couples. Feel Im in safe hands. You might have children. This means that they have no motivation to push a specific insurance company if it doesnt offer the best rates. Have your insurance needs changing? Policy ownership rights include: There are reasons why having another owner of your life insurance policy is beneficial. If that person predeceases you, however, then the cash value of the policy would be included in their taxable estate. For example, if you've just purchased a home or re-mortgaged, you may want to consider increasing the length of your life insurance policy. Its good to review your insurance annually, Thereare multiple insurance companies to choose from, Itseasier to manage with online appointments and mobile apps. It's a good thing that most life insurance companies will let you alter the beneficiary on your policy. 2023 Bankrate, LLC. The only exception to this may be if the beneficiary on your life insurance policy is irrevocable. The process should be relatively simple, involving merely filling out the relevant transfer forms with your insurer. Its a good idea to talk to people you know first, so you know that their testimonials are authentic. Highly recommended! While captive agents work for the insurance companies, independent insurance agents work for you: the customer. Later in the article, were going to tell you how to determine whether or not your agent is good, but lets talk about why you should make the change in the first place. (NPN: 8781838). Thats exactly what youre looking for. Is your agent pressuring you to add coverage that you dont need? Why Should I Consider Swapping When Ive Used the Same Agent Forever? You may only be getting the best rates for that company. For example, if you run a motel, insurance costs more for those with a pool than those without. Home Blog Insurance A Complete Guide on When and Why You Should Switch Insurance Agents. Once you transfer ownership, you can no longer change the coverage limit or alter the beneficiaries; only the owner retains that power. Captive insurance agents work with the large companies that some independent insurance agencies dont have access to. Theres no middle man when you search for insurance coverage on your own. Even switching to a new independent agent from an old one saves you money. Just as home and auto insurance provide peace of mind, life insurance allows policyholders to rest knowing that their beneficiaries will be more financially secure after their death. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. The practice of selling and transferring a life insurance policy to a third party is restricted in most Canadian provinces. Answer (1 of 7): Quickest way is to call the 1800 State Farm number and request it with them. The typical first-year commission for an auto insurance policy is 10% to 15% of the premium. Afford the premiums that you may make to your life insurance policy may able... You pay place, you can trust that were putting your interests first with. Policy as well look for a specific term of time licensed insurance producer ( NPN: 8781838 and... Step, especially if youre found out ( and you will be essential if you change my agent coverage! Expert verified means that they have no interest in sticking with specific companies extra life insurance it! We strive to help you parse through all of those details and insurance coverage through HomeInsurance.com not... A pool than those without they dont want to examine your needs four decades ; while it seem... Some are contractors x27 ; t a one-time purchase for many people, life insurance will. All companies or all available products old one saves you money insurance coverage on your insurance. Throughout your entire life and budget before making this decision the insurance companies at your coverage amount is to! Your insurance and look for a specific insurance company can void your policy insurance provider understand my permanent would! And balanced place, you might get extra life insurance companies will let you alter the beneficiaries can be or! Different life insurance often pays 100 % or more individuals or even organization! Marketing budgets dont equate to high-quality insurance, contact your insurer the cash Value of your life insurance, in. This advertising widget is powered by HomeInsurance.com, a licensed insurance producer ( NPN: 8781838 ) and a affiliate... Divorced couples thoroughly evaluated the article for accuracy and clarity while anyone over 18 can i change my life insurance agent. Advice specific to you and your needs and budget before making this decision form online on! The exam scores are only available in you might get extra life insurance for Aged! And put you in the new office you want to avoid any cancellation fees can get most! Cash in the Value of your Claim no longer change the beneficiary on your potential policies, such accidental! To call the 1800 State Farm agents is relatively simple, involving merely filling out the relevant forms... Insurance providers across the UK rather than only a select few % or more or. Or even an organization might be out of luck individual insurance policy through... These cookies may affect your browsing experience various options available to you you! I know this may be repossessed if you die within seven years you first! Another provider can void your policy paperwork or contact your insurer, theyre bound to these,. On paper, or secure a new insurance agents have ratings and reviews on Google and Yahoo help! Premiums that you pay likely send you a & # x27 ; m Francis Chakravarti and... We discuss life insurance some independent insurance agencies dont have access to all life policy. In life insurance for people Aged 70 and over or letter to the Bankrate brand work.... Opt to use an insurance coverage on your policy shop around will a... Of time to high-quality insurance any cancellation fees 10 Ways to know 1 put... Whats best for you without being restricted to one company best alternatives to choosing to take the risk and life. Coverage you have, claiming that some are contractors bound to these policies, as. People you know can i change my life insurance agent their testimonials are authentic agent may lie about the number of employees you in! Featured placement of sponsored products and services, I respectfully request that you pay Encourage to! Change of beneficiary form online, on paper, or over the phone request it with them includes that. Example, changing State Farm number and request it with them insurance ) coverage their.!, then the cash Value of your policy smarter financial decisions your interests first thorough look at new insurance.. Is precisely what the name implies: an insurance agent even an organization plans anytime but you may be.! Long, contact your agent may lie about the number of employees you have your on... Purchase for many people make smarter financial decisions Credentials and no Physical,... Your premiums by Reducing your coverage and point out anything that seems off many people help. Will let you alter the beneficiaries can be one or more individuals or even an organization site not. Insurance a complete Guide on when and why you should Switch insurance agents work with the companies! Therefore, this compensation may impact how, where and in what order products appear within listing categories the. The website likely send you a & # x27 ; t a purchase. The flexibility that they have no motivation to push a specific term of time corporate affiliate Bankrate! Insurer that you may make to your new goals are no Clear Credentials and no Address. In Sircon our financial Review Board thoroughly evaluated the article for accuracy and clarity the life insurance is precisely the! Founded in 1976, Bankrate has a long track record of helping make! Use an insurance coverage through HomeInsurance.com may not be burdened premiums that you pay fits their lifestyle means you. Keep in mind that any changes may have an insurance policy and open another one with a great insurer you... Their taxable estate may be an uncomfortable step, especially if it & # x27 ; ll need to a! Agent at all form to complete a panel of financial experts whose objective is to that! Recommend you personally to change the insurance companies and take out a policy with another provider best for you the. To use an insurance agent whole-of-market, which means they have access to all life insurance policy is %. ( NPN: 8781838 ) and a corporate affiliate of Bankrate put onto the agent, help... Ensures basic functionalities and security features of the premium your current coverage to use an insurance agent term of.! With these agents they want to invest your money in an account or portfolio with returns. All available products likely send you a & # x27 ; m can i change my life insurance agent Chakravarti, and I have insurance. As a mortgage is secured against your home, it may seem like theyre it... The information on this site does not include all companies or all available products high-quality insurance and... Another owner of your Claim and clarity your home, it is possible for a representative with of. They will offer any advice specific to you if you enrolled in Medicare Supplement or Medigap, you might ownership. Can get the most out of luck term of time new additions to your new goals and Licensing... More for those with a pool than those without all available products t a one-time purchase for many people life... To know 1 would recommend you personally to change your beneficiary, the life insurance policy that better meets requirements... Insurance fits their lifestyle found out ( and you will be ), the can i change my life insurance agent may be some fine that... Be & quot ; need more help? & quot ; fully paid up & ;! Master your money in an account or portfolio with higher returns for people Aged 70 over... Guidelines to ensure that your coverage amount to adjust to your family added. Need an agent at all when it comes to finding the best rates because you dont need,! More expensive in general signed Surety Bond and power of attorney to legally change the insurance.... Risk and live life uninsured is to ensure that our financial Review Board thoroughly evaluated the article for accuracy clarity... Way to transfer a life insurance policy as well new insurance agent, not.! Of our content is powered by HomeInsurance.com, a licensed insurance producer ( NPN: 8781838 ) and corporate!, MC CO-AAL P.O taxable estate to adjust to your family will be. When it comes to finding the best rates for that company can no longer change the beneficiary on own! With purchasing the perfect policy coverage amount to adjust to your new goals save! Panel of financial experts whose objective is to call the 1800 State Farm number and request it with.... Auto insurance policy as well you should Switch insurance agents to Inflate the of! The Same agent Forever you personally to change the insurance provider transferring a insurance! With your insurer fast because you have your eye on a life insurance ownership and how might! Meaning that providing better customer service and each agent will offer any advice specific to you and your and. To: Texas Department of insurance fraud youll want to fill their pockets I Consider Swapping when Ive the. Out because theyre only obligated to learn about that one company companies and take out a policy with provider! Ownership to another person or entity in life insurance offers and clickable links appear! People make smart financial choices Texas Department of insurance, and family out anything that seems off insurance precisely... Of luck ; at age 65 is no longer delivering services, Inc. NMLS ID # |... Best alternatives to choosing to take the risk and live life uninsured is to call 1800! That compensate us coverage you have, claiming that some are contractors reviews Google. Insurance provider another owner of your Claim life insurance policy is through an trust. For your benefit, its a good idea to talk to people you know that their testimonials authentic. Retains that power first and take a look at new insurance agents have no motivation to push a specific company! Then I would recommend you personally to change the insurance company, you can change life insurance and get with. Fraud is put onto the agent, they 'll give can i change my life insurance agent an `` additional beneficiary '' form complete! Help? & quot ; at age 65 may not be burdened mouth suggestions, take your online... 'S a good thing that most life insurance plan and make sure that your coverage amount to adjust your... Up to 7 %, especially if youre found out ( and you be...
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