Captive vs non-captive

[MJM1987]

I have appointments with several companies over the years and subsequently receive renewals. I may signing with a captive company in the near future. If I sign a captive agreement, do forfeit old renewals and what happens to my book business technically?

Been licensed for 4 years, learned a lot, still have a lot to learn, that is why is love insurance.

Thanks in Advance

 

[DHK]

Renewals can actually be paid regardless of licensing. That's one reason why you can actually name a beneficiary for your renewal income.

So no, you don't have to forfeit renewals. However, you may have to cancel your selling contract for issuing any new business. It all depends on your contract/employment agreement.

As far as your clients and client service... just ask them. Depending on the nature of your "captivity" (ha!), you may be able to just service this business and classify it as an "outside business activity" - but be unable to sell them any more of the current company's products.

 

[MJM1987]

Thank you, that answered my question.

 

[Yagents]

You are spot on, but why call yourself a demeaning term like "producer".

 

[goillini52]

You are spot on, but why call yourself a demeaning term like "producer".

He/she is trying to be P.C.

The term "producer" is gender neutral, and therefore acceptable to those wack job Libs.

 

[DHK]

You are spot on, but why call yourself a demeaning term like "producer".

It might depend on what state you're in. In Washington State, you're called a producer rather than an agent.

Washington State Office of the Insurance Commissioner

 

[Markthebroker]

Here in California we are called producers.

As to why someone would leave indi and go captive? It's like eating Mcdonalds, or KFC, or any other kind of junk food. It seems like a good idea at the moment, and right when you start doing it, it might even feel like a good idea. But very rarely, is any one happy that they ate junk food. They can only learn from the experience, move forward, and hopefully never do it again.

 

[goillini52]

Here in California we are called producers.

As to why someone would leave indi and go captive? It's like eating Mcdonalds, or KFC, or any other kind of junk food. It seems like a good idea at the moment, and right when you start doing it, it might even feel like a good idea. But very rarely, is any one happy that they ate junk food. They can only learn from the experience, move forward, and hopefully never do it again.

We're producers in Illinois too. Since every agent has a NPN(National Producer Number), I guess we're all producers whether we like it or not.

Damn, I liked being called an Agent.

 

[Markthebroker]

Damn, I liked being called an Agent.

There is a lot of different things I would like the staff in the office to call me. However, they only seem to feel comfortably calling me by my name.

 

[goillini52]

There is a lot of different things I would like the staff in the office to call me. However, they only seem to feel comfortably calling me by my name.

What, Broker?