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Does anyone know if chargeback are tax deductible as a business expense?
However, anything outside of those exclusions the agent would be indemnified. The problem of the "bad" things that come with not immediately repaying the carrier is eliminated. Call this chargeback insurance for insurance agents. If there was a product out there like this, my fellow agents, what would you pay in an annual premium?
Norwayguy said: Advances are loans against future commissions. If you have chargebacks due to policies canceling then yes you need to pay this back. Pull out your contract and look for vesting information in regards to commissions...
Ask the experts... Will most FE carriers chargeback on death in year one? I believe most will if the claim is contested and denied.
They mention advances . Are these chargebacks for as earned also? if so this changes a lot especially with direct express cards .
The % may vary between the products and carriers, but this is typical. Another factor would be the commission option that is chosen.. for example, the agent may choose heaped commission of a spread option. These 2 products have different commission chargeback schedules.
Hi, new to this board, wish I found this forum when I was still a agent. If I had I wouldn't have gone with Aflac. ughh now you understand the title, I have left the business after a very horrible year with Aflac, as many of you know chargebacks with Aflac is unavoidable, I owe them over $700...
So I enrolled someone into AETNA PPO MAPD, initial enrollment. Month 2 he gets QMB so I put him into another carrier's DSNP. Aetna is telling me rapid dis enrollment and took full payment back. Am I wrong that a carrier can't do that when beneficiary changes plan due to becoming dual...
Ive never heard of an IUL chargeback because of underperformance. Even if you dont have your agent contract and commissions schedule anymore, you can request it from them. However, certain IULs that have multiple commission options, can have chargebacks in the first 5 years for Withdrawals or Loans over 10% in a single year... at least for certain comp options. Always read the fine print on ...
690. Vector is merely an acknowledgement of debt, so whether that be from a chargeback, rescission, leads, or whatever else where an agent owes someone, that is what they list. Vector doesn't ask the amount, reason or anything, it is simply posted that there is a debt owed.