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How can an unregistered agent sell a 401K group annuity?
Annuities are considered Life Insurance, so if the agent isn't selling a variable annuity, he doesn't have to be securities licensed.
Is there a difference between a life annuity and an insurance annuity?
There isn't a real difference between life annuity and an insurance annuity. Both are a form of life insurance and deal with the same issues. I would go with either one.
Is an annuity a type of life insurance?
Yes an annuity is a life insurance product. Its kind of like the opposite of life insurance.
What is a fixed income annuity?
A fixed income annuity is a type of insurance contract where the insurance company makes payments of a preassigned amount to the holder of the annuity, the annuitant.
How much does insurance salesman make off each policy?
It depends on the type of insurance? Yes, it depends on the type of insurance. Life insurance generally pays a first year commission of 50% of the annual premium, to the writing agent, and a trail renewal of 5% each year for the next 9 years. Disability insurance generally pays a 40% commission the first year . Car insurance pays a 15% commission, etc. So, as you can see, the agent's compensation varies, depending upon the type of insurance written.
What are the rights of an agent in insurance?
An insurance agent has a contract with an insurance company which specifies his rights; but basically an agent has a right to be paid a commission for the insurance that he or she sells.
How can an unregistered agent sell a 401K group annuity?
Annuities are considered Life Insurance, so if the agent isn't selling a variable annuity, he doesn't have to be securities licensed.
What does net of commission mean?
"Net of commission" basis is where the quoted premium is reduced by an amount proposed to be the insurance agent's (or insurance broker's) commission.
How do you collect an annuity insurance?
You either contact the agent that sold it to you or call the claims department of the company that holds the annuity and have a discussion with them on what you would like to do.
Is it fraud if a Life insurance agent receives a commission for a new policy then cancels it and does not return the commission?
A 'commission' paid to an insurance agent generally comes from the company that the insurance policy is placed with, NOT from the individual who bought the policy. If the agent knowingly, placed the policy with the intent of collecting the commission, and then immediately cancelled the policy then, yes, that would be fraud, unless his working agreement with the insurance company addresses it otherwise.
What is commission rate for home-owner's insurance?
The commission rate is the commission earned by the agent or broker who places the policy wit the company.
Can another Insurance agent take a split on commission without your knowledge?
Only screwed insurance agents will take a split on commission without your knowledge.
At Massachusetts Mutual Life Insurance Co how much commission does an agent earn or receive for selling a 100000 survivorship whole life insurance policy?
Generally, whole life insurance pays a first year agent's commission of 55%; the General Agent then get's an override of appx. 45%, which may or may not be shared with the agent. But keep in mind that the agents commission is not relevant to the descision to buy if the life insurance proposed is the correct answer to the problem!
How much does the agent make off house insurance?
Typically 10% commission.
Can you purchase a hybrid annuity without an agent?
Yes and no. Some companies and State Insurance Departments allow this, however you are still assigned an agent through the company.
How much commission you make an independent insurance agent?
An independent Insurance Agent can negotiate with an insurer for his or her commission rate. Most independent agents represent many insurers with various commission and premium rates in order to offer a wider range of policies and companies than a captured agent would to the insured. That's just part of being an Independent insurance Agent. You have more than one company to offer. Most companies that an Independent Agent places coverage with will initially offer a set commission rate. If the agent performs well they can then renegotiate
How much does an insurance agent earn?
Many insurance agents earn their money by commission. If they do not earn commission, many would make around $25,000 and more yearly.
