chicagotom2345
Expert
- 22
EDIT: I changed the content to focus on my questions as the personal info originally included was distracting responders.
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I'm trying to learn how independent multi-agent life+health insurance agencies work where the agency does all the marketing and the agents are employees doing customer service work (including filling out and submitting apps).
1. Can an agency be paid the commissions generated by licensed employee producers directly while compensating those producers with salary? Is this common at in-bound call center agencies?
2. Do agencies that hire employee agents have those agents produce as the agency? (In other words is the licensed corporation that is the agency the producer as far as the insurance co and customer go?) And if so, do the individual employees still need to be appointed by the insurance company or is it enough for the corp entity that is the agency to be appointed?
3. Do general agents take on whole agencies or just individuals? I ask because I wonder if the agency is not a general agent if it is full of producers. But then again the agency is in the retail business while the general agent is in the wholesale business.
4. Are there E&O policies that cover whole agencies or is E&O mostly on an individual basis? Can it be done either way or does the producer of record (the corp itself) have to be directly covered?
Thanks.
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I'm trying to learn how independent multi-agent life+health insurance agencies work where the agency does all the marketing and the agents are employees doing customer service work (including filling out and submitting apps).
1. Can an agency be paid the commissions generated by licensed employee producers directly while compensating those producers with salary? Is this common at in-bound call center agencies?
2. Do agencies that hire employee agents have those agents produce as the agency? (In other words is the licensed corporation that is the agency the producer as far as the insurance co and customer go?) And if so, do the individual employees still need to be appointed by the insurance company or is it enough for the corp entity that is the agency to be appointed?
3. Do general agents take on whole agencies or just individuals? I ask because I wonder if the agency is not a general agent if it is full of producers. But then again the agency is in the retail business while the general agent is in the wholesale business.
4. Are there E&O policies that cover whole agencies or is E&O mostly on an individual basis? Can it be done either way or does the producer of record (the corp itself) have to be directly covered?
Thanks.
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