Assurant Commission

MOHEALTH · 05-10-2008, 11:03 AM

Im a little confused...someone please explain this.

I checked my commission report this morning for Assurant. The figure is off(short) by $300. I had three policies post last week.

Monthly premiums (roughly)= $85 - $98 - $330

The first two choose to pay monthly...the last choose to pay quarterly.

My contract:

20% advance to $500 - as earned afterwards.

I did the math and it appears they paid me in full on the first two, but on the third they only paid me 20% of the quarterly. ???? WTF??

Policy one = $204 in commish
Policy two = $235.20 in commish
Policy three = $792 in commish which I should only get $500 advanced

The grand total should be $939.20

However the actual total is $637.20

When you do the math they only hit me for 20% of the quarterly on policy three. Does this make sense to anyone or am I F'ing crazy????

Company receives $85 in premium and pays out $204 in commish
Company receives $990 in premium and pays out $198 in commish

CHUMPS FROM OXFORD · 05-10-2008, 11:27 AM

Could it be that some policies (RS or Core?) pay less commission? With Aetna the Value plans pay very little commission.

I really don't know, but that's all I can come up with.

susieQ · 05-10-2008, 11:35 AM

Quarterly premiums or direct bill with all the ones I work with are as earn not advanced. Seems like that's what it might be???

somarco · 05-10-2008, 11:47 AM

I don't take advances, with any carrier, but I do recall that most (if not all) only advance on monthly bank draft.

Peelerinsurance.com · 05-10-2008, 11:51 AM

Bdraft gets the advance, quarterly get's as earned.

MOHEALTH · 05-10-2008, 11:52 AM

I gotta tell ya....I love this forum! Thanks guys. And yes from what I just gathered advances are only on bank drafts