90%, 100%, 115% Contracts?
- Thread starter turkjey5
- Start date
There are nuances depending on the company as to what is commissionable, but the general rule of thumb is that it's the percentage of annual premium that you will get as a commissioin. So if someone pays $3600 a year, you will get $3240 on a 90% contract and $3600 on a 100% contract.
That doesn't take in to account rolling targets, etc.
That doesn't take in to account rolling targets, etc.
- 15,041
Not all companies do 9 month advances. Some do 6, some do 12 months, some do a percentage, such as 70%.
- Thread starter
- #6
- 15,041
Actually, it is that a lot of companies don't offer advances because of charge backs due to lapses, etc.
Most companies will give you the advance on the next commission cycle after the policy is issued and first payment is received.
For instance, policy is issued and first payment received on Tuesday. Commission cycle ends Friday with EFT taking place on the following Wednesday. So you'd get paid about 8 days after policy is issued.
Just to throw it out there but if you are going to do it monthly, mark, you just told them they got 6x, 9x, 12x the commission.
Multiply by the number of months advanced and divide by 12. That'll give you the real number.
Sorry, I couldn't resist. The math is strong in this one...
Multiply by the number of months advanced and divide by 12. That'll give you the real number.
Sorry, I couldn't resist. The math is strong in this one...
