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My understanding is that you should also be licensed in that state.If I am correct, as a licensed life insurance agent, I could send a client to another agent and legally get a referral fee. What if that client is in a state that I am not licensed in but the agent I am referring them to is, does that matter?
My understanding is that you should also be licensed in that state.
I won't pay referrals to someone w/o a w-9 and their license in the writing state.
Overrides are different and vary by both carrier and state.To earn a split or an over-ride, all parties have to be licensed in most States to be paid on . . .
Yep. It's similar to a broker/dealer rep selling away from an indexed annuity "approved list".Some carriers have written rules in your selling agreement that all compensation splits or anyone being paid by the producer needs to be disclosed on the application. Many then may require the other person to also be licensed & appointed.
If you are not licensed in the state, you are considered unlicensed & therefor cannot receive compensation based on a sale & would have to be paid for any & all referrals, even if they dont result in a sale. Only a licensed producer can receive commission from another agent for sales/cases