| Message |
Author |
|
 Posted: Fri Jul 11, 2008 1:36 am Post subject: Commissions and Recruiter |
|
|
I was offered a job to recruit for a life insurance company. They want to pay me a percentage of the commissions they receive that are written by my agents. They are in NJ and I would be recruiting nationwide.
Is this legal?
_________________
Register Now to have your Insurance queries solved. |
|
Guest
Guest
|
|
| Posted: Fri Jul 11, 2008 4:21 am Post subject: |
|
|
I guess if it is described in the contract drawn between you and the insurer, than you may not have the option to defy it. I'm not sure about its legality, but I don't think it is illegal either.
Gilmore
_________________
Register Now to have your Insurance queries solved. |
|
Gilmore
Guest
|
|
| Posted: Fri Jul 11, 2008 4:46 am Post subject: |
|
|
Hi Guest, allow me to put your problem in my own words,
from your narration it seems like that you've bought an agency from an insurance company and is now hiring several other sub-agents to run your business. If so, then you may have to share the revenue generated through the business with the insurance company.
You may be performing only as a franchise of the insurance company, hence, the franchise norms may apply to this business agreement. Please clarify if I have got you wrong. Thanks,
_________________
Register Now to have your Insurance queries solved. |
|
living@treetop
Guest
|
|
| Posted: Fri Jul 11, 2008 5:13 am Post subject: |
|
|
Hi guys, I think you all have got it wrong. Its not the guest who's paying to the insurance company, but the insurance company wants to pay the guest since he was the recruiter. Read his post once more
| Quote: | | They want to pay me a percentage of the commissions they receive that are written by my agents. They are in NJ and I would be recruiting nationwide. |
Well, friend I don't think its entirely illegal. It may the company's practice to reward its employees  Read your contract paper carefully and is possible talk to the other employees to know better.
_________________
Register Now to have your Insurance queries solved. |
|
boulevard_trader
Guest
|
|
| Posted: Fri Jul 11, 2008 5:57 pm Post subject: |
|
|
I think that is not illegal. In the first place the company is the one offering to pay you a certain percentage from the commission they receive. Just clarify the terms to the company to be safe for it.
_________________
Free Insurance Quotes
Joven Blog |
|
joven222
Senior member
Joined: 12 Jan 2007
Posts: 244
7.85 Dollars($)
|
|
| Posted: Fri Jul 11, 2008 6:34 pm Post subject: |
|
|
Just to clarify, I would be working as an independent contractor and did not purchase or pay for anything.
I wasn't sure if this would violate anything because I am a formerly licensed agent. It has been many years, but I didn't think anyone could be paid a commission from the sale of life insurance unless they were licensed.
Now, I am not selling insurance, but I am getting paid a commission from the sale. That seems like it would be in violation, but I could be wrong.
_________________
Register Now to have your Insurance queries solved. |
|
Guest
Guest
|
|
| Posted: Sun Sep 28, 2008 2:33 pm Post subject: Guest |
|
|
system edited-spam deleted
_________________
Serving the Insurance, Mortgage, Security and Contractor Industries. |
|
WolfgangResearch
New member
Joined: 28 Sep 2008
Posts: 16
21.46 Dollars($)
|
|
| Posted: Fri Oct 24, 2008 8:58 pm Post subject: Guest |
|
|
| That is perfectly fine. I have been doing that for a while. They will pay a salary and the company will make an override. EX: They a 110% contract through a larger FMO and they have you put agents at anywhere from 50%-95% they will make the override and pay you want ever they feel is fair. You do all the work and it is painful at times and you also have to rely on agents to write business. The best thing is get your license and sell for your self. That way you make the 95-100 points and not 5. |
|
Mcampbell
New member
Joined: 24 Oct 2008
Posts: 47
14.92 Dollars($)
|
|
| Posted: Sat Dec 27, 2008 2:57 am Post subject: |
|
|
It is legal and a lot of agents become managers and recieve an override when they recruit other agents. I train agents on how to do this.
_________________
Mark Rosenthal
IMO/Ins Agent/Agent Trainer/Free Advice
http://www.rosenthalfiles.com |
|
lifeagent911
Member
Joined: 26 Dec 2008
Posts: 94
Location: Georgia
38.10 Dollars($)
|
|
