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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 else can I help you with?
Person who receives money from a life insurance policy?
Beneficiary
What is No Load Life Insurance?
No Load life insurance is a type of life policy that charges much lower fees than standard life policies. These fees can be reduces because the selling agent receives little to no commission on the sale.
Who cancels an old auto insurance policy when you change to a new policy under a different company?
The policyholder should contact the insurance company and cancel the policy - you might get a partial refund if the premiums are paid up-to-date!
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 life insurance agents split a sales commission?
Yes, they may split a sales commission with another who is also licensed for the line of insurance of the policy which was sold. Both must be licensed in insurance.
What does it mean to be a general liability insurance certificate holder?
If you are named as Certificate Holder on a Certificate of Insurance, the insurance company MAY or (in some instances) HAS TO notify you if the policy cancels prior to the renewal date.
Is the insurance company required to notify you if your employer cancels the company policy thereby cancelling the employee coverage?
No. The Employer must notify you.
Is auto insurance responsible if driver is drunk?
If your policy excludes acts during the commission of a felony then No.
Where can you get home insurance after your policy has been cancelled due to a claim?
You will have to start calling local insurance agencies. Someone will provide you coverage and if no one will you can call your state's insurance commission and ask about an assigned risk policy.
When a child's parent receives a lump sum from a life insurance policy is it figured into child support?
no
Who receives the benefits or money from a life insurance policy upon death of the insured?
Nominee stated in the policy or the legal heir if no nominee is mentioned.
Who receives the benefits or money from life insurance policy upon the death of the insured?
Nominee stated in the policy or the legal heir if no nominee is mentioned.
