Question About GI and Graded Policies

[WinoBlues]

In this case, I suspect you are dead wrong. Please remember, Gerber is New York admitted, domiciled in fact I believe. They have to comply with New York comp rules.

Now, for the other companies, maybe, maybe not. For Gerber, it is actually them complying with New York rules. And New York being the great state it is, requires an admitted company to apply their comp rules to all states, not just New York.

I get 60% from Gerber plus xx% monthy bounus direct from a large brokerage. Maybe it is 'was' getting. I do not remember if they dual contract. I write my Gerber through someone else at 60%

 

[NSRH]

I get 60% from Gerber plus xx% monthy bounus direct from a large brokerage. Maybe it is 'was' getting. I do not remember if they dual contract. I write my Gerber through someone else at 60%

I could be wrong, but I think the max commission is 100% in the state of NY. Dont hold me to that, but I vaguely remember when Foresters Plan Right first entered into the state (not sure if they are still there), and they were paying more than 100% at the time before they realized they were out of compliance.

I also think that the 100% is the IMO contract not what you can pay an agent. But again, this is going off of memory from many years ago.

 

[WinoBlues]

I could be wrong, but I think the max commission is 100% in the state of NY. Dont hold me to that, but I vaguely remember when Foresters Plan Right first entered into the state (not sure if they are still there), and they were paying more than 100% at the time before they realized they were out of compliance.

I also think that the 100% is the IMO contract not what you can pay an agent. But again, this is going off of memory from many years ago.

I have no idea. I did not care for them so I write it through someone else I prefer to work with.

 

[rousemark]

. The only reason carriers enforce this is because of the pressure put on by other distributions (IMOs). It doesnt affect their bottom line.

Yeah.. That is one of the thing Goillini had a falling out about with Westfall. Seems Westfall was complaining to CUL about the commission rates some IMOs were giving on their DVH plan was more than Westfall wanted to pay.

 

[Mattschmidt]

Okay, but they are paying that out as a bonus. That's not what I was talking about. My point is that most of the insurance companies will only approve a certain level without proof of production.

Matt keeps indicating that there are certain IMO's who can get you higher levels from the company without having to show proof of production and without doing a bonus type deal.

Now, there are some exceptions to this rule and I get that, but I'm trying to get him to name a few IMO's that can give out higher than street on any contract that they have. He's the one that keeps saying it and I just want him to back up his words.

Anyone who talks to me knows the names of the IMOs who pay more then you offer Todd

That's your choice not to pay your agents as much as other agencies out there.

I suggest you move your business model into 2017

 

[Todd King]

Anyone who talks to me knows the names of the IMOs who pay more then you offer Todd

That's your choice not to pay your agents as much as other agencies out there.

I suggest you move your business model into 2017

I'm talking to you and I don't know who you're referring to. Like I said, just put it out here on the forum if you know of some. You always say it, but you never back it up. I have my doubts that you will back it up now either.

 

[NSRH]

I'm talking to you and I don't know who you're referring to. Like I said, just put it out here on the forum if you know of some. You always say it, but you never back it up. I have my doubts that you will back it up now either.

Todd, no offense, but you've already threatened to "report" any IMO that is paying higher commissions than "street" (without proof of production). There are others who are attesting to Matts claim, that is enough evidence. Producers should simply shop around and get the best deal, its obvious that there are a number of IMOs paying higher than what the carrier says is street to appease other IMOs.

Do you think anyone is silly enough to share with you the competitors who are paying higher commissions than you, so you can turn around and report them?

Its only a problem to the insurance carrier when its a problem for another IMO.

 

[Todd King]

Todd, no offense, but you've already threatened to "report" any IMO that is paying higher commissions than "street" (without proof of production). There are others who are attesting to Matts claim, that is enough evidence. Producers should simply shop around and get the best deal, its obvious that there are a number of IMOs paying higher than what the carrier says is street to appease other IMOs.

Do you think anyone is silly enough to share with you the competitors who are paying higher commissions than you, so you can turn around and report them?

Its only a problem to the insurance carrier when its a problem for another IMO.

I say what I say to him because he is FOS. He's always saying an agent can get higher than street without proof of production but he never backs it up with a single name of an IMO. He won't this time either because he's just making it up. He's done this for years.

As for me reporting them, I seriously doubt anything would happen if these so-called IMO's are big players like he indicates.

For example, I know that Ameri-Life hands out some contracts above street without proof of production. Not a thing I could do about that as Ameri-Life is way too big of a fish. Oh look, I'm able to name one without giving it a second thought. Seems anyone claiming they know of an IMO/FMO that does this they could name them. So far it's crickets and likely BS. Is that fair for the newbies to come on this board and read (and possibly believe) the BS? No it's not. But it seems that some don't care what BS they post.

 

[Texasfinal]

Security National Life has a GI....and the Applicant and Owner can be different....

 

[bboman23]

Security National Life has a GI....and the Applicant and Owner can be different....

Security national doesn't have GI. They have knockout questions.