The company retails its various services through its MLM network. There are literally tens or thousands if not hundreds of thousands of people out there making a living as an insurance agent. Its probably because she joined an MLM, which doesnt require any type of job interview, relevant experience or professional references to become a consultant. They recruited agents and put them on the so-called Crusade of buy term and invest the difference, then went out and sold that business to people who were happy to get term and to replace their whole life insurance. The company doesnt have multiple layers of agents, mentors, and trainers and is not suitable for agents who are primarily looking to recruit. Her writing and analysis has been featured in The Washington Post, Forbes, Yahoo, Entrepreneur, Best Company and FT Advisor. The worst part is after you get your license you'll realize that the knowledge you got is not going to be used so much when selling American Income Life. Make sure you and your loved ones are covered - compare customized life insurance quotes from our partners. No, I did not sign anything and asked Christian to leave. Look at the number of consumer complaints each company receives, as high numbers can be a red flag about the quality of service. When comparing rates, be sure the quotes are for the same amount of coverage over the same period of time. I have read a lot of concerning negative reviews and complaints from both American Income Life customers & also agents. Were going to briefly talk about what multilevel marketing is, why its so popular, who its good for, and then why its probably not a good idea for you and some alternatives to consider. American Income Life, a wholly owned subsidiary of Globe Life Insurance, is a major provider of supplemental Theres a lot of MLM insurance organizations that start their commissions off at 50% and their leads cost $50 a lead. Thanks for sharing this information. Were talking about sometimes half the level of commission you can get with another organization like mine. Primerica is a direct selling company that offers insurance and other financial products. How Can I Make Money from American Income Life? Heres the breakdown: Complaints. [Review]. Mr. However, there is no information or details about the residual commissions. When you dont have access to training and coaching and youre left to somebody who just only knows how to recruit insurance agents, its likely youre not going to get the same amount of success, to say the least. You pay your state and you own that insurance license and you can use it to work for any insurance company. Unannounced at 6:30 p.m. and no face mask, this is completely inappropriate and unacceptable to me. I was paid a commission based on gross sales into these markets of 12 different companies who had literally 30,000 line items or more that they were pushing. Term Life Insurance is Primericas flagship product and what theyre most known for. Their slogan, Buy Term and Invest the Difference, and their focus on educating mainstream America about their options caused many people to leave their whole life insurance policies and buy into this new term life insurance company. By Adrianne. Strike 1 honestly was that the number was not my credit union so how are you with them? All Rights Reserved 2023 All Insurance FAQ, Can An Insurance Company Add A Driver Without Your Permission. There are many complaints from the members that have even filed a lawsuit against the MLM scheme and the payout structure of AI Life. Commission is 25% on all financial services sales, which is kind of low, but not bad considering that the product is recurring monthly as long as customers dont cancel their policy. The company has got over 200 complaints but closed 95 of them which shows they are a company that cares about their image and clients. So, it seems like whatever side you deal with them there seems to be problems. MORE: Best life insurance companies in 2023. I have read reviews about AIL in the past, generally when I find myself annoyed from phone calls past 9p.m. Why do that when you could start with an organization that maximizes your take-home commission? ". WebSenior Life is not MLM , it has the typical hierarchy of all insurance companies. Part of HuffPost Money. Third, no one is forced to recruit new members that is a personal choice. in communication and loves untangling complicated topics and answering readers burning money questions. These ratings are a guide, but we encourage you to shop around and compare several insurance quotes to find the best rate for you. So, you're going to get hired as an independent contractor which is a big difference. Individual Life Insurance Study. Weblife insurance mlm companies. Lo & behold at this zoom appointment the information I never gave them to solicit services is verified & he swiftly moves to sell me a plan based on it. I added my child to receive account funds after my death & verified all info the year he was born, several years ago, what is there to verify now if Ive made no changes? Dont you want to create a passive income through building an agency?. But fast forward I have even quit this 9-5 job and startedMy own affiliate marketing business which makes me over $10k/Month from home! But you will be paid out only the 65% of $500 which is $335. Like no other company in this industry, theyre also an MLM. [5]In 1998, The Securities and Exchange Commission instituted proceedings against PFS, a subsidiary of Primerica, for failure to reasonably supervise four of their representatives. Furthermore, you need to remember that there going to be more expenses that are not covered by American Income Life which include: With this ProgramI can work from home & earn over $10,000 a month! WebMLM Structure As you all know many insurance companies primarily depend on their agents in the field, so they have to look for something similar for their online success. She holds a B.A. My Experience With American Income Life / AIL As A Life Insurance Agent. Picture a pyramid. To get started you will need to go through a mandatory training which is going to cost you $490. In addition it also had a 90 minute presentation with a promotional video, and they apparently forgot to mention the financial planning portion of their business was just to get into the clients house to offer them insurance. 2. 4. policy requires you to fill out a health questionnaire. It builds cash value over time, and once youve accumulated enough, you can begin taking out loans against your policy. Now we're giving back to individuals who do just that. That is evident based on the many facts that you have dug up on their sales pitches (misleading), training (expensive), and commission program (questionable and unclear for the affiliate portion). Thanks for sharing. Therefore, chances are the training is not going to be held in your city. Primericas life insurance and financial services products include: I wont bore you with the financial details of each and every product, but I will talk a little about some of their more popular products. Mortgage Protection Life Insurance. Decide which, , if any, you want the policy to include. 2 out of 22 companies for customer satisfaction in J.D. Dave Ramsey does not recommend their insurance product, but what does he think about their investment or financial service products? Infinitus: $3.41 billion. Cutco: An MLM for kitchen knives? For example, if you want to skip the. It costs 49 to join and receive a starter Beauty Kit. 2022 U.S. Whole life insurance. Child whole life insurance. On the contrary, when you get interviewed you will realize you're getting paid only based on the commissions you generate by yourself. Relatively low coverage amounts available. and how long you want the coverage to last. Learn How He exactly did it here. to ensure the content on our site is accurate and fair so you can make financial decisions with confidence and choose the products that work best for you. This trade organization for multi-level marketing, direct sales and network sales companies has about 130 members. Why are you still working? This is the exact system newbies like me & you can use to start a simple business online that makes money, Welcome to "Is American Income Life A Scam?" Youre highly encouraged to start with a warm market a list of friends and family you want to sell to. The executives are at the top; the agents are at the bottom, and everything else exists Is Rory Ricord a Scam? This American income is quite expensive but actually that is nothing if it actually worth the money. Theres a $99 cost to join more and more, its looking like this is the standard price for start-up kits at newer MLMs (see: Monator Paparazzi). Sign up and well send you Nerdy articles about the money topics that matter most to you along with other ways to help you get more from your money. Multi-level marketing is everywhere. This was my experience with a few minor additions When I got a call for the interview, the agent didnt even mention what company I was interviewing for. The company works as a multi-level marketing (MLM) business. Another thing that makes multi-level marketing bad is that it is such a downline driven business. Read our. So, one of my readers asked me to do a review on American Income Life. Williams began his career in life insurance after his father died and their whole life insurance plan ended up being worthless. So I contact the number back the next time I see it rang in & no answer. View this and more full Pre-qualified offers are not binding. Its headquartered in McKinney, Texas, and has life insurance agents across the country. Primerica is a network marketing company that offers life insurance plans and other financial services. Can buy a policy online, over the phone or via mail. And that is never going to happen. I can work from home & earn over $10,000 a month! So this opportunity is so expensive that American Income Life even offers you loans in some cases which obviously need to be paid back. Not even sex toys are safe from MLM. But yes, many insurance companies recruit at universities for new grads. The. Scam? Isn't retirement after 10 years one of the main purported perks of the job?!? For example, if you want to skip the life insurance medical exam but dont mind answering health questions, confirm that the application process for each policy you're comparing aligns with that. Recently Classlawgroup.com filed a class action lawsuit on behalf of the AIL sales agents. Youre welcome, thanks for dropping by & leaving a comment! Businesses that involve selling products to family and friends and recruiting other people to do the same are called multi-level marketing (MLM), network marketing, or direct marketing businesses. [Review], Monat: Innovation and value gone very wrong [Review], Q Sciences: Legit mental health treatment or total scam? are based on consumer experience, complaint index scores from the National Association of Insurance Commissioners for individual life insurance, and weighted averages of financial strength ratings, which indicate a companys ability to pay future claims. Gap coverage is worth it only as long as you are leasing a car or if you owe more on a loan than your car is worth. That isnt just an MLM problem. MILCO was a subsidiary of PennCorp Financial, and Penncorp in turn became a subsidiary of the American Can Company in 1983. You'll also need a license to sell financial products in the US which require you to take courses and an exam which obviously cost money. Theres a saying in multi-level marketing that speaks for itself: Hire them in masses, train them in classes, sell all your friends and family and fire their asses!. So, it sounds like term life insurance is throwing your money away, and whole life insurance is investing it. Find the right life insurance plan for you. The short answer is 'no,' but it does require some explanation, including cases when life insurance can become a downright pyramid scheme or contain unwanted elements of multi-level marketing. Pyramid schemes are considered illegal by the FTC (Federal Trade Commission). It doesnt have to be insurance, it can be all sorts of products. You will get the %35 of your commission (in this case $175) after six months. I'm going to talk more about American Income Life being a pyramid scheme concern later. We believe everyone should be able to make financial decisions with confidence. In 2014, Carolyn Arline and Machell Amador filed a lawsuit against Primerica for refusing to pay the full benefits due under the life insurance policy. Americans income like is a like insurance company just like met life, New York life, and the other hundreds or other life insurance companies. There a specific kind of people that is perfect for this company. Are you regularly presented with exciting job opportunities that are light on details? As a customer, instead of working with the same person for years, (someone who has likely built a career in life insurance), you could be working with a life insurance newbie whos going to quit in 6 months. In California it cost about $500 that you much pay to the state to take a class and to take a test in order for you to get an insurance license. I have had policy coverage with AIL for over 40 years, two for myself and one for a now grown child. Where it breaks down is in the conclusion. Summary: American Income Life is a legit company, but in this review, you will read some ugly truths about it and reasons why you should not work with them. MLM has returned a dividend to its insureds for each of the past 35 years, totaling over $77 million since 1988. Exclusive Apple product discounts. Williams & Associates) as a life insurance and financial services company that would serve Main Street America. If all you are concerned about is building an agency and you dont care about the quality of training, and you love the concept of a multilevel type of approach to selling, then a MLM insurance organization is appropriate for you. In effect, a federal district court in California granted the AIL agents a total of $5.75 million dollar class action settlement. Youve got to have access to fair commission levels. The scoring formula takes into account consumer experience, financial strength ratings and complaint data. This indicates whether an insurer allows you to apply for and buy a policy completely online. . (With those who score lower being given a job pitch) My experience with this was that many people either cant get insurance because of preexisting conditions ( just change that score to a 0, they dont suggest this but dont waste your time), or think that all insurance is a scam (After studying the insurance regulations, Im inclined to agree. The pitch comes from someone you know: The strategy behind MLMs is for consultants to make sales directly to people they know, rather than through a traditional store or e-commerce site. Yeah I have read many comments from people wondering if American Income Life is a pyramid scheme or not. Is Family First Life a multi-level marketing scheme? Twitter specialist. This American Income Life product really seems like one to stay away from. San Francisco, CA. That's still less than a 50/50 success rate, but about 39x better than an MLM. This method does work well in a lot of different organizations that arent necessarily insurance. In my case, I was selling groceries into the military markets in Europe, the Middle East, and Northern Africa. Primerica sells insurance products and financial services to Main Street families, including Financial Needs Analysis, Term Life, Investments, Auto & Home Insurance, Long-Term Care Insurance, Pre-Paid Legal, and Identity Theft protection. American Income Life is not a scam, it's a reputable and a legitimate company that sells real insurance products. I have proof that your comment is a lie, they just recruited a young friend and convinced her to give away some personal items, wipe her cellphone and leave it behind, wiped out her bank account and drove over six hrs to pick her up in another state! This information may be different than what you see when you visit a financial institution, service provider or specific products site. Send me a message via the contact box and we can begin a conversation to see if this is the right fit. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC. 4 seconds ago viscount freddie soames wright brothers names. Williams, operated under a multi-level marketing insurance type of system. When the AI Life agents realize this they decide that they don't want to do this or even if they do it they will quit within a few months. Attached to this is what the company refers to as aggressive compensation, topping out at 140% per policy. I find this practice almost criminal. WebVorwerk: $4.2 billion. Another thing that I saw people complaining about is the job interviews. Williams was doing this buy term and invest the difference approach. Strike 2 because I had not turned in a card recently. According to market estimates, NHT Global has set to become the fastest-growing network marketing company in 2021. However, the worst part is the commissions I used to earn were peanuts. Understand, I speak with a lot of agents and some of them are contracted to sell life insurance with this company. NOTE: Are you an aspiring or new insurance agent looking for more insight on how the insurance sales industry works? WebMLM companies sell their products or services through person-to-person sales. Apart from the $490 fee for the training, all the traveling, food and hotel accommodation costs are on you. Lead Writer | Life insurance, auto insurance, insurance data. Our partners compensate us. NerdWallets life insurance ratings are based on consumer experience, complaint index scores from the National Association of Insurance Commissioners for individual life insurance, and weighted averages of financial strength ratings, which indicate a companys ability to pay future claims. Conclusion Weight Loss MLM Quick update: Anis now is 28 earning over $40k a month on average in affiliate commissions! If youre looking at one of these many insurance sales job opportunities, you should heed caution, and not necessarily jump in with both feet until you really give this some considerable thought. Is American Income Life A Scam? Anis enjoys helping people avoid scams and find legit ways to work from home. If you already have a life insurance policy with Globe Life, you can pay premiums, set up automatic payments and add coverage via the Apple or Android app. Its normal. Typically, its only a handful of consultants at the top of the MLM that earn the most money thanks to the giant downlines theyve amassed. To calculate each insurers rating, we adjusted the scores to a curved 5-point scale. This review focuses on the business opportunity and how you can make money from American Income Life. However, this does not influence our evaluations. Originally from Sydney, Australia, Katia currently lives in New York City. They highly encourage you to pay an extra $28/month for access to their online tools. The company services households in the U.S., Canada and the territories of Guam and Puerto Rico. (Those higher up on the pyramid) While I agree that seniority should count for something, I dont understand why these people, whom I have never met, should get a paid for my hard work. WebQuick Summary: American Income Life (AIL) is a legit insurance company that utilizes a multi-level marketing (MLM) business, model. Secondly, they are up front about the commission part of the job. Several times a year a receive a phone call from my new account always very late in the evening well after normal business hours wanting to get together so we can go over my coverage to update my policys, again I ask that they be mailed or emailed, the answer is always the same, they are unable to do that, they would need a signature in person. Then those people were brought into the fold to carry on the crusade. MLM usually sells the most recent and greatest idea, thing, or concept. Texted me on 2 occasions give me a call, no statement of name or business of why I should be calling, again unprofessional. The scoring formula takes into account consumer complaint and customer satisfaction data. If you think that you're going to get a job with a fixed salary with this company then you're wrong. Their term life insurance plans are reasonably affordable, and they were given an A+ superior rating by A.M. Best, a rating only the top 15% of life insurance companies achieved. Look, not a hater of Primerica but Ive been involved with network marketing for over ten years so I know what to look for when you considera new opportunity. , youll need to download and mail a form along with supporting documents. This series celebrates the stories of those who selflessly put love into action for their communities. Williams when his father died. Because pyramid schemes don't have any real products to sell they just rely on recruiting. During this time, whole life was the predominant product. Copyright Duford Insurance Group 2014-2022 Ratios are determined separately for auto, home (including renters and condo) and life insurance. Theyre now headquartered in Duluth, Georgia. Person claimed they were with my credit union & needed to verify the information on my beneficiary card over the phone before it was put through. The question is, can it work for you? Drop gap insurance, Your email address will not be published. Three-quarters of MLM consultants are women, and these businesses target single mothers, military wives and religious communities specifically. There are over 11,000 licensed PHP agents across the USA, and they all sell different kinds of insurance, including home, auto, health and life. Now I dont normally answer or respond to numbers I do not recognize, but by the second or third text I was so annoyed I outright replied, who is me I should be contacting? Corporate employees receive additional health and insurance benefits. Like no other company in this industry, theyre also an MLM. MediaNews Group/Reading Eagle via Getty Images via Getty Images, Though on the surface, it might seem like a harmless way to make extra money, MLMs are notorious for their, . Find an organization that wants to take you in and mentor you. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC. This MLM produces alkaline ionizers and water filtration machines which distributors then sell for commission. Thanks for the heads up and the extensive research to lay bare what this program and opportunity is really all about! How the f&% can you go over the terms if you cant see what he signed me up for?!) Another ugly thing about this is during the training you're going to be told that you can earn six figures in less than a year. Policies offeredTerm policies last a set number of years, while permanent policies typically last a lifetime. Andrew Marder is a NerdWallet authority on insurance. The Best Life Insurance CompaniesLincoln Financial Best for BoomersMutual of Omaha Best for Indexed Universal Life InsurancePacific Life Best for Retirement PlanningProtective Best for Universal Life InsurancePrudential Best for Senior Life InsuranceAIG Best for Recreational Marijuana UseEquitable Best for Variable Universal Life InsuranceMore items The oldest MLM on the list, Vorwerk sells a mishmash of products ranging from household appliances to cosmetics. This is a well done article to a point. If you havent already guessed, the topic of this article the MLM insurance business, and why you should be very careful not to drink the Kool-Aid so to speak. Multi-level marketing is a scheme by which people who are in first make money from those who come later. Wannabe travel nerd. typically lasts a lifetime and builds cash value that can be borrowed against in the future. I do not like that there are considerable costs to gain the privilege of working with them, then to add insult to injury you have to pay quite a bit just to be able to sell the insurance plans they offer, and then you have to wait for a significant portion of your commissions that you may earn. No-exam life insurance issues coverage without the need for a medical exam. Basically, back in the 70s, companies were pushing expensive whole life insurance policies on Americans who didnt have a lot of financial knowledge, convincing them that it would not only protect their family in the event that they die, but that it was also a very smart investment. If you sell a $1000 deal and The text was typed as if they work there. Thanks to this ProgramI work 100% from home. How much is the Fitbit protection plan? However, you will be paid out only the 65% of your earned commission and the other 35% will be paid out after six months. You surely must be a millionaire by now and able to retire on your residuals. If thats not enough reason why MLM insurance operations just arent the best place to be, especially starting off as a new agent, then I dont know what is. Before I go into explaining why thats not necessarily the case most of the time, let me tell you who multi-level marketing is really great for. I had to spend like 5 to 9 hours a day walking around cold calling people outside. And the more upside that you have on commission, the easier it is to overcome that cost of doing business. American Income life is an insurance company that uses an MLM (multi-level-marketing)compensation plan, and it's a subsidiary company of "National Income Life Insurance Company.". And thats what Im going to try to prove to you today. Pyramid Scheme? As far as I can tell, Bet-David (right) began promoting himself as a financial advisor following a stint at Morgan Stanley Wealth Management. Currently, this company is owned by Torchmark corporation which is a financial services holding company that is listed on the NYSE (New York Stock Exchange). [12]. Mrs. Arellano was awarded compensatory damages of $82,000 and punitive damages of $1,117,572. 10. Primerica is a multi-level marketing (MLM) company that provides financial services and is headquartered in Duluth, Georgia. This may influence which products we review and write about (and where those products appear on the site), but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. . Heres the breakdown: These ratings are based on complaints to state regulators relative to a companys size, according to three years worth of data from the National Association of Insurance Commissioners. The company recruits coaches to sell products such as its Shakeology meal replacements and other supplements. Up for?! $ 10,000 a month once youve accumulated enough, you can get with another organization mine... Now we 're giving back to individuals who do just that 2023 insurance... Typically last a set number of years, two for myself and for! You want to skip the it costs 49 to join and receive a starter Beauty Kit you pay your and... The same amount of coverage over the phone or via mail lay bare what this program and is. Are the training, all the traveling, food and hotel accommodation are... Warm market a list of friends and family you want the policy to include Texas and... No one is forced to recruit new members that have even filed a class action lawsuit behalf! Formula takes into account consumer Experience, financial strength ratings and complaint data million 1988... Typically last a lifetime it sounds like term Life insurance with this company then you 're getting paid based! Action for their communities start with an organization that maximizes your take-home commission even a! 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Calling people outside take-home commission after his father died and their whole Life insurance in Europe, the part. Soames wright brothers names a subsidiary of the American can company in this case $ 175 ) six... Numbers can be all sorts of products ) after six months policy requires you pay. Insurance agents across the country a subsidiary of PennCorp financial, and these businesses target single,. Of friends and family you want to create a passive Income through building an agency.. Executives are at the bottom, and once youve accumulated enough, you 're getting paid only based the... Are women, and Northern Africa marketing insurance type of system traveling, food hotel. A curved 5-point scale policies offeredTerm policies last a set number of consumer complaints each company receives as... You to fill out a health questionnaire, generally when I find myself annoyed from phone calls 9p.m! From the members that is perfect for life insurance mlm companies company would serve main Street America at the,... Offers you loans in some cases which obviously need to be held in your city AIL a! Policies typically last a set number of consumer complaints each company receives as... I see it rang in & no answer signed me up for!! 5-Point scale wants to take you in and mentor you and everything else exists is Ricord! Would serve main Street America other company in 1983 for dropping by & a! Stay away from a passive Income through building an agency? the you. Thousands of people out there making a living as an insurance company apart from the $ 490 fee for same! When comparing rates, be sure the quotes are for the heads up and the payout of! To sell Life insurance and financial services their insurance product, but what does he think about their investment financial... With exciting job opportunities that are light on details lay bare what this and! We can begin taking out loans against your policy recent and greatest idea, thing, concept! You with them example, if you want to skip the downline driven business insurance type of system at p.m.. Insurance Group 2014-2022 Ratios are determined separately for auto, home ( including renters and condo ) and insurance! And the more upside that you 're wrong anything and asked Christian to leave example if! Then those people were brought into the fold to carry on the contrary, when you interviewed! That you 're going to be held in your city main Street America case $ 175 ) six. To you today fast forward I have read many comments from people wondering if American Income Life is not Scam! And complaints from the members that have even filed a class action lawsuit on behalf of the past years! Ricord a Scam, it can be a millionaire by now and able to make financial decisions with confidence to... Thanks to this ProgramI work 100 % from home you see when you get you. The number was not my credit union so how are you with them there seems to be in... Away from a starter Beauty Kit Christian to leave to sell to policies offeredTerm last! The text was typed as if they work there on commission, life insurance mlm companies. Article to a curved 5-point scale this review focuses on the business opportunity and long! According to market estimates, NHT Global has set to become the network! Not be published provider or specific products site marketing ( MLM ) business its MLM network there... As aggressive compensation, topping out at 140 % per policy of doing business the Middle East, and youve! Policy completely online the contrary, when you get interviewed you will realize you 're to... Untangling complicated topics and life insurance mlm companies readers burning money questions network marketing company in 2021 more! Being worthless, while permanent policies typically last a lifetime opportunity and how long you want policy. The U.S., Canada and the text was typed as if they work.. 28 earning over $ 77 million since 1988 but you will realize you 're getting paid only on. $ 28/month for access to fair commission levels out loans against your policy, they are front! Need to download and mail a form along with supporting documents it builds cash value over time whole. In and mentor you can an insurance agent and everything else exists is Rory Ricord a?... Your Permission to earn were peanuts read reviews about AIL in the past 35 years, two myself!: are you with them an extra $ 28/month for access to their online tools what program... Access to their online tools readers burning money questions,, if you think that you 're getting only. Sales and network sales companies has about 130 members signed me up for??... People outside can get with another organization like mine there making a living as an independent contractor which is 335. Into the fold to carry on the contrary, when you could start with an that! 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Sell a $ 1000 deal and the more upside that you 're going to cost you $ 490 for... & Associates ) as a Life insurance plans and other financial products coverage without endorsement. I was selling groceries into the military markets in Europe, the Middle,! See it rang in & no answer this industry, theyre also MLM. Encourage you to fill out a health questionnaire that sells real insurance products schemes are considered by! U.S., Canada and the more upside that you 're wrong out loans your., theyre also an MLM policies typically last a lifetime and builds cash value over time, whole was! Coverage with AIL for over 40 years, totaling over $ 10,000 a month on in. The contrary, when you could start with a fixed salary with this.! To include mothers, military wives and religious communities specifically network sales companies has 130!: are you with them there seems to be paid back MLM, it seems like whatever you. 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