Differences between a broker, GA, WA?

Aug 16, 2007

  1. Vision
    Offline

    Vision Expert

    Posts:
    33
    Likes Received:
    0
    What are the positives and negatives between being a broker, a general agent, and a writing agent(under a GA)?
     
    Vision, Aug 16, 2007
    #1
  2. Crabcake Johnny
    Offline

    Crabcake Johnny Guru

    Posts:
    14,811
    Likes Received:
    15
    State:
    South Carolina
    If you're an Assurant GA and direct through a RSD you'll start out at 20% commish and after $100,000 is written you go to 25%. After $150,000 is written you get a dedicated underwriter (which is priceless) and a sales assistant. You also get more perks at $250,000 and $500,000 levels. You get bonuses that are only available to GAs and trips - only available to GAs. The downside is almost zero support.

    If you're a writing agent under a GA you'll get between 15% to 20% paid direct from Assurant. In theory you get training and support. You cannot ever be paid more than 20% direct from Assurant as a writing agent, no bonuses and no trips. If you GA wants to cut you more than 20% under the table they'd have to do so with a personal check.
     
  3. Vision
    Offline

    Vision Expert

    Posts:
    33
    Likes Received:
    0
    Thanks

    How does a being a broker compare to a GA?
     
    Vision, Aug 16, 2007
    #3
  4. Guest
    Online

    Guest Guest

    This won't answer your question but I remember in CA insurance school they went on and on how life/health people are not "allowed" to call themselves 'brokers' as that term is reserved for P&C people. I don't know if that is still the case. Everyone in life/health that I know call themselves 'brokers.'

    Al
     
    Guest, Aug 16, 2007
    #4
  5. Vision
    Offline

    Vision Expert

    Posts:
    33
    Likes Received:
    0
    Unless I was taught incorrectly, MD requires a H&L broker to post a $10k bond before startup.
     
    Vision, Aug 16, 2007
    #5
  6. Sam
    Offline

    Sam Founder Administrator

    Posts:
    1,534
    Likes Received:
    58
    They require no such thing.
     
    Sam, Aug 16, 2007
    #6
  7. Vision
    Offline

    Vision Expert

    Posts:
    33
    Likes Received:
    0
    So what is the benefit of becoming a broker?
     
    Vision, Aug 17, 2007
    #7
  8. Vision
    Offline

    Vision Expert

    Posts:
    33
    Likes Received:
    0
    [​IMG]
     
    Vision, Aug 17, 2007
    #8
  9. Crabcake Johnny
    Offline

    Crabcake Johnny Guru

    Posts:
    14,811
    Likes Received:
    15
    State:
    South Carolina
    This is only pertaining to brokerages who act as a third party, collecting fees and premiums from the insurance and passing the premiums onto the insurance carriers. Doesn't apply to what we do.
     
  10. Crabcake Johnny
    Offline

    Crabcake Johnny Guru

    Posts:
    14,811
    Likes Received:
    15
    State:
    South Carolina
Loading...