Differences between a broker, GA, WA?

[Vision]

What are the positives and negatives between being a broker, a general agent, and a writing agent(under a GA)?

 

[Crabcake Johnny]

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.

 

[Vision]

Thanks

How does a being a broker compare to a GA?

 

[Guest]

Thanks

How does a being a broker compare to a GA?

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

 

[Vision]

Unless I was taught incorrectly, MD requires a H&L broker to post a $10k bond before startup.

 

[Sam]

They require no such thing.

 

[Vision]

So what is the benefit of becoming a broker?

 

[Vision]

 

[Crabcake Johnny]

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.

 

[Crabcake Johnny]

This applies to CA and I assure you if you're not confused enough about agent vs broker, after reading this you will be thoroughly confused:

Status of Agent vs. Brokers in California