by egaluppo » Thu Jul 17, 2008 10:43 pm
Hello everyone. I am new to this form and the insurance idustry. To get started I may consider buying a book of business, but I am not quite clear on how the commission assignment works.
Can I purchase just a few policies or do I need to buy the entire book? If I have have someone who wants quick cash, could I just buy his 1st years commissions at a discount?Which department does the carrier have set up to help agents with commission assignments?
Any help that you would be willing to provide would be greatly appreciated.
Can I purchase just a few policies or do I need to buy the entire book? If I have have someone who wants quick cash, could I just buy his 1st years commissions at a discount?Which department does the carrier have set up to help agents with commission assignments?
Any help that you would be willing to provide would be greatly appreciated.
Posted: Sun Jul 20, 2008 04:18 pm Post Subject:
Are you talking about P&C or Life and Health?
Posted: Tue Jul 22, 2008 04:42 pm Post Subject:
Gotta be talking about P&C.
Posted: Tue Jul 29, 2008 07:18 pm Post Subject:
interesting question. i'm looking forward to seeing what people have to say.
Posted: Tue Jul 29, 2008 08:21 pm Post Subject:
...simply throwing in my 2 cents because...
OP wrote:
I am new to this [forum] and the insurance [industry.] To get started I may consider buying a book of business, but I am not quite clear on how the commission assignment works.
...then tental wrote:
interesting question. i'm looking forward to seeing what people have to say.
There's nothing really to say as it's a false premise to start with.
90% to 98% of ALL brand spanking new insurance agents will be out of the business within two years of getting their insurance license.
What would OP be "buying" the block of business with?
Cash or borrowed money?
Most agents are pretty good with math when it comes to figuring "PERCENTAGES."
What type of agent would "sell" as earned first year commission for less money than they would receive anyway by simply doing NOTHING and getting another job?
I'm just saying....
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