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I was considering SL several years ago. Greg was offering 115% / 9% renewal at the time (95% and 0% renewal w/o VAP)
The problem was in the contract details, There were many ways that an agent would lose his/her commissions. 100% charge back on the policy that lapsed for any reason prior to paying 7th monthly premium. No renewals in any month that persistency dropped below 72.5% There were many more but these are the only two I remember.
Rouse the bold above is absolutely false and you know it. Or should know it.