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what does 120% term commission mean? How do residuals work and what are draws?
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Comments (9)

dex in memphis, Tennessee

42 months ago

Im interested in pursuing a career in insurance can someone explain how insurance agents get paid.

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Jim in Troy, Michigan

41 months ago

What does 120% commission means? In general, one year term premium consider 100%. So 120% commission means you would get more than one year premium as your commission. There will be no residual to you as an agent. But IMO may have very limited residual. email me if you have any insurance questions. gzpxyj@gmail.com

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Tom in Statesboro, Georgia

40 months ago

Jim said -

" What does 120% commission means? In general, one year term premium consider 100%. So 120% commission means you would get more than one year premium as your commission. There will be no residual to you as an agent. "

Not so.

120% means he will receive 120% of the first years premiums as commission.

Example:

$100 monthly premium would pay $120 for each month that is collected by the carrier. Some carriers advance commissions. Some carriers also pay renewal commissions on term - just depends.

Tom

email = indeed@insura-choice.com

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Jim in Royal Oak, Michigan

39 months ago

Tom in Statesboro, Georgia said: Jim said -

" What does 120% commission means? In general, one year term premium consider 100%. So 120% commission means you would get more than one year premium as your commission. There will be no residual to you as an agent. "

Not so.

120% means he will receive 120% of the first years premiums as commission.

Example:

$100 monthly premium would pay $120 for each month that is collected by the carrier. Some carriers advance commissions. Some carriers also pay renewal commissions on term - just depends.

Tom

email = indeed@insura-choice.com

You are right and we are talking about the same thing.

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Dave the Insurance Guy in Tucson, Arizona

38 months ago

All you need to know about how these contracts work is at www.insurance-forums.net

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goldie in Dallas, Texas

27 months ago

what are the commissions for a regular homeowners policy?

Any help with this will be appreciated :)

Thanks

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exxtreme in El Monte, California

13 months ago

dex in memphis, Tennessee said: Im interested in pursuing a career in insurance can someone explain how insurance agents get paid.

Pay on commissions and depend on which company you are working for or like me, have your own business and have others people to leverage. Email me if you want to know more about it, I be glad to answer al your questions.
exxtreme.wfg@gmail.com

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exxtreme in El Monte, California

13 months ago

Jim in Troy, Michigan said: What does 120% commission means? In general, one year term premium consider 100%. So 120% commission means you would get more than one year premium as your commission. There will be no residual to you as an agent. But IMO may have very limited residual. email me if you have any insurance questions. gzpxyj@gmail.com

The company that I work for do have residual income even when you leave the company. Email me if you want to know more about it.
exxtreme.wfg@gmail.com

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exxtreme in El Monte, California

13 months ago

Mukesh in Brampton, Ontario said: Hi,

I appreciate your opinion.I am a new insurance guy.Have taken licence renently, yet to join any company.Have met Sunlife,Freedom 55,Investors group...Confused which one to start with.

Kindly advise.

Thanks
Mukesh
mukeshmakhija1@yahoo.com

I could be of your assistance.
I know of a great company with proven records and credibility to work for.
Email me if you want to know more about it.
exxtreme.wfg@gmail.com

Paul

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