The owner of the company I work for has told me to start writing business as 99% under the owner's name & 1% under my name. I've been with this company just under a year and they say the commission will be paid out the same. Why would I put my boss's name? is there a difference between standard ("house") commission & "street level" commission?
Commissions told to be put in boss’ name/ commission payout
- Thread starter Jsiggs275
- Start date
- 2,301
Writing in your Boss' name helps him to his production goals, which helps him qualify for additional bonus money, or trips, or policy percentage
- 26,100
What line of business? Life, P&C ...?
When you say 'boss' are you captive?
It also screws you out of 99% of your renewals and maybe vested comp. Also may make him the agent of record.
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- Thread starter
- #4
is that legal if they didn't engage in any of the sale or delivery?
- Thread starter
- #5
This specific commission split is in regards to annuities, we also sell life. they're an independent firm and I am an agent on salary with benefits and 15% commissions
- 26,100
15% of the commission?
- 30,544
Do you work for CW?
Are you W2?
- 26,100
Just a guess - that is the 1% writing agent.
Do you have to work from his office and have specific hours and goals to hit?
Who is paying 15% on the annuities?
- 17,064
Probably 15% of the total commission. Not 15% of the premium.
