by Guest » Wed Oct 13, 2010 11:51 pm
I have a question about renewals with Medicare Advantage Products.
If I dont have a contract with the Agency that I submit my Medicare Advantage products through. Who is intittled to the renewals, if i choose to submit my Medicare Advantage products through another agency?
ANy help with this is greatly appriciated
If I dont have a contract with the Agency that I submit my Medicare Advantage products through. Who is intittled to the renewals, if i choose to submit my Medicare Advantage products through another agency?
ANy help with this is greatly appriciated
Posted: Thu Oct 14, 2010 07:21 am Post Subject:
Who owns the renewals? That's who gets them. As an independent agent, I own my renewals. If I hired other agents and had an "organizational" license for my agency, all business would be submitted under my agency's license number, and my agency would own the renewals, not the individual agent. As long as the agent remained with my agency, they would be entitled to their renewal commissions.
Posted: Thu Oct 14, 2010 03:44 pm Post Subject:
How do I find out who owns the renewals? What determines who owns the renwals?
Posted: Thu Oct 14, 2010 09:33 pm Post Subject:
If you have to ask, you probably do not own the renewals.
Do you have an agent's contract with an insurance company or an agency contract with an insurance agency?
Posted: Sat Oct 16, 2010 05:28 am Post Subject:
I signed an assignment of commissions contract that says...
Assignor hereby authorizes and empowers the Company to pay Assignee all compensation (including but not limited to over-riding commissions) now due or which may become due under the Agreement until such time as Assignor terminates this assignment by written notice to the Company. Assignor acknowledges and agrees that such payment of compensation to Assignee shall constitute payment of such compensation to the Assignor as if paid directly to the Assignor and the Company shall be fully released from any and all responsibility to the Assignor for such payments.
It is realy confusing.
Posted: Sun Oct 17, 2010 09:12 pm Post Subject:
I know this is confusing but is there anyone that understands even a little bit of it?
Posted: Mon Oct 18, 2010 09:59 pm Post Subject:
to pay Assignee all compensation (including but not limited to over-riding commissions) now due or which may become due under the Agreement until such time as Assignor terminates this assignment by written notice to the Company
You don't own the renewals. The compensation for your sale of products goes to your "employer", who in turn pays you some lesser portion of the compensation they are receiving. What ever you get is what you get as long as you are "working" there. When you terminate, you say goodbye to any renewal commissions, because you have voluntarily agreed to assign your compensation to your "employer". That's who receives any renewals.
If you were truly an independent agent, you would probably not have such an agreement. I believe you are creating a book of business for the agency, not for yourself. That's the question you need to ask. Is my book of business mine, or not.
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