chriswford
New Member
- 3
Commission chargebacks can be backbreakers. As others have stated in these forums the commission is not yours until the chargeback period has expired. The reality is most agents are spending the commission as it comes in, hoping that a chargeback does not occur.
If there was a product out there similar to E&O coverage for chargebacks would there be a market for this? My thought is to have a per occurrence limit up to an aggregate annual limit for chargebacks. Clients would sign a disclosure that they don't have X conditions and if they die from that condition in the first year the agent cannot file claim. However, anything outside of those exclusions the agent would be indemnified. The problem of the "bad" things that come with not immediately repaying the carrier is eliminated.
Call this chargeback insurance for insurance agents. If there was a product out there like this, my fellow agents, what would you pay in an annual premium?
If there was a product out there similar to E&O coverage for chargebacks would there be a market for this? My thought is to have a per occurrence limit up to an aggregate annual limit for chargebacks. Clients would sign a disclosure that they don't have X conditions and if they die from that condition in the first year the agent cannot file claim. However, anything outside of those exclusions the agent would be indemnified. The problem of the "bad" things that come with not immediately repaying the carrier is eliminated.
Call this chargeback insurance for insurance agents. If there was a product out there like this, my fellow agents, what would you pay in an annual premium?