5 Star?

[SouthernComfort]

Does 5Star pay on approval or on draft of initial premium? I submitted an app that request premium draft beginning the 3rd of next month.

 

[JimmyUt]

Does 5Star pay on approval or on draft of initial premium? I submitted an app that request premium draft beginning the 3rd of next month.

Approval, but in my experience with other carriers that often depends on your IMO

 

[indiana260]

Approval. They just started doing daily commissions. Normally you get paid the day after the policy is made active.

 

[PittAgent]

Are most that way? I have a couple with americo and RN post dated for next month. Do they do on issue or draft? One lady gave me a check made to RN for a quarterly payment. I'm assuming I won't get paid on that until it clears?

 

[JimmyUt]

Are most that way? I have a couple with americo and RN post dated for next month. Do they do on issue or draft? One lady gave me a check made to RN for a quarterly payment. I'm assuming I won't get paid on that until it clears?

Again, this depends on your IMO and the carrier. Most pay on approval, but some on draft. Security National is on draft for sure, and I think Americo used to be, at least when I had them. As for your RNA situation, the answer is yes, you will get paid once it clears, unless it is set up to draft.

 

[Newby]

With 5-Star everyone is the same.

With Monumental the FMO chooses.