What Do I Look for

[horacioceballos]

I received an " Independent agent agreement" from a small fmo or imo, I'm new to the business so I'm not sure which it is. In any case I would like to know what you guys would look for when signing these agreements. Forgive my noobishness.

 

[JimmyUt]

Lots of things, but the biggest would be anything that has to do with assignment of commissions and of course vesting.

 

[Mediguru]

I received an " Independent agent agreement" from a small fmo or imo, I'm new to the business so I'm not sure which it is. In any case I would like to know what you guys would look for when signing these agreements. Forgive my noobishness.

It may also be good to Google the FMO to see what you can find about them. There are many different options out there. Most carriers will pay you directly (for FE and Medicare products at least) so keep that in mind, but some will require that commissions filter through the agency. Lastly, ask questions! Good luck!

 

[Newby]

I received an " Independent agent agreement" from a small fmo or imo, I'm new to the business so I'm not sure which it is. In any case I would like to know what you guys would look for when signing these agreements. Forgive my noobishness.

#1- commissions paid directly to you from the carrier. Never from the FMO/IMO/GA etc.

#2- renewals! Make certain you are getting them.

#3- Release agreement. You need to make certain that the up line will release you to transfer your contracts at your request. That will not be in the contract. If you don't address it, you will not be able to transfer without going 6-months with no sales.

Any of these answered wrong is a deal killer.