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If the advance is considered taxable by them, the chargeback should reverse the taxable income. Example: 100% commission rate 9 month advance. Advanced $900 (1099 value $900) Policy lapses in month 3. Charged back $600 (1099 value would be $300 now).
A couple days ago I got a call from a collections agency saying that I owed the company I worked for a little over $2,000 from chargebacks for cancelled policies. They gave me a deadline of October 1st to pay back the amount in full or they would put it on my credit report, as well as any other reporting agencies.
Commission chargebacks can be backbreakers. As others have stated in these forums the commission is not yours until the chargeback period has expired. The reality is most agents are spending the commission as it comes in, hoping that a chargeback does not occur. If there was a product out...
10. Actually, most carriers have some type of commission charge back for the first 12 months. 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.
slushhhpuppie. Super Genius. 100+ Post Club. 129. Owing a delinquent debt to an insurance company can prevent you from becoming appointed with other carriers. It can also affect your E&O premiums, and open you up to sanctions from your state's DOI. Jul 9, 2007. Thread starter.
100+ Post Club. 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.
Hanson, Ky. DonP said: Cica similiar to prosperity life had but worse . Example you write a client . He pays 2 drafts and doesn’t pay the 3rd draft you get full charge back of all 3 months . 2nd scenario he pays 4 months you only get chargeback for months 5 and 6. I’m thinking this is for advanced commissions .
778. WCMason said: There are about 20 situations where a disenrollment in the first three months is not considered a rapid disenrollment with a chargeback to the agent (see MMG for the list). Becoming dual or LIS eligible are two of those reasons. True story! Here's where you can find the MCMG.
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 ...
Hanson, Ky. DonP said: Here it is . Full chargeback on premium returned in first 2 yrs . Even chargeback if death in first 3 months they pay claim. Only the unearned commissions are charged back on a death in the first 3 months. So only applies to agents getting advanced. 1. 2.