I.M.O ... F.M.O. ... WTF MO ...

[Tahoe Ray]

That was part of my "point" if I had one earlier ..? To me, we try and rationalize and look for consistency amongst common factions ... in this case, Medicare carriers, ... I don't know why some of us still try and make sense of things at this point in the game ... after all, there are people on here that think Kamala and the communists would have been a good idea and that knowing where are tax dollars go is a bad one ..? They all pay 20 - 22 points a supp., possibly because I had written a decent bit of "Golden Rule" even before it was under the UHone "umbrella ..." but that's a complete guess and just me speculating in lieu of any other rationale ..?

The override is for distribution. Some companies don't want to pay a salesforce to go out and "pound the pavement" trying to get agents to sell their products so they have IMOs do it for them (it also protects the carrier from debt rollups).

Just a guess, but UHC probably has the name recognition, infrastructure, and products (being the 800lb gorilla) where they don't need IMOs out there contracting agents and talking about their products. So they just keep what would have been the override and contract agents directly.

 

[MedicareMutt]

The override is for distribution. Some companies don't want to pay a salesforce to go out and "pound the pavement" trying to get agents to sell their products so they have IMOs do it for them (it also protects the carrier from debt rollups).

Just a guess, but UHC probably has the name recognition, infrastructure, and products (being the 800lb gorilla) where they don't need IMOs out there contracting agents and talking about their products. So they just keep what would have been the override and contract agents directly.

Mmmmmmmmmmmmmmm ... expand "debt. roll over ..?" Also, MOO,Aetna Anthem,Humana,Wellcare, etc ... while not UHC, not exactly upstarts ..? Not saying your wrong ... I dunno, my set up with them was over 20 years if that has anything to do with it ... are you with them? You said you didn't write Medicare ..?

 

[Tahoe Ray]

Mmmmmmmmmmmmmmm ... expand "debt. roll over ..?" Also, MOO,Aetna Anthem,Humana,Wellcare, etc ... while not UHC, not exactly upstarts ..? Not saying your wrong ... I dunno, my set up with them was over 20 years if that has anything to do with it ... are you with them? You said you didn't write Medicare ..?

It may not exist for your products but debt rollup is when a commission is rescinded and the agent decides that they don't want to pay it back.

For instance, you write a 200k annuity and make 14k. You spend all of the commission. The insured dies next week. The annuity carrier then tells you that you owe the 14k back. You tell the annuity company to screw off. Then they vector you and roll your debt up to your upline.

So you can't get appointed anywhere but you stuck your upline with a 14k debt that they now have to repay (and never got paid on in the first place).

I don't write Medicare. I'm just guessing as to why a carrier would contract direct vs. the IMO model. The IMO model is a free salesforce for the carrier. The products are priced with all of that built in from go. What you get is no different either way.

You can certainly lean on IMOs for override though. If you write, they'll pay.

 

[DonP]

It may not exist for your products but debt rollup is when a commission is rescinded and the agent decides that they don't want to pay it back.

For instance, you write a 200k annuity and make 14k. You spend all of the commission. The insured dies next week. The annuity carrier then tells you that you owe the 14k back. You tell the annuity company to screw off. Then they vector you and roll your debt up to your upline.

So you can't get appointed anywhere but you stuck your upline with a 14k debt that they now have to repay (and never got paid on in the first place).

I don't write Medicare. I'm just guessing as to why a carrier would contract direct vs. the IMO model. The IMO model is a free salesforce for the carrier. The products are priced with all of that built in from go. What you get is no different either way.

You can certainly lean on IMOs for override though. If you write, they'll pay.

What time period is death chargeback on an annuity ? That's one area I wish I got into heavy 10 yrs ago . Annuities produced 7 fig income for more agents than one would believe .

 

[Tahoe Ray]

What time period is death chargeback on an annuity ? That's one area I wish I got into heavy 10 yrs ago . Annuities produced 7 fig income for more agents than one would believe .

Depends on the carrier but it's normally 1 year.

 

[DonP]

Depends on the carrier but it's normally 1 year.

That's dangerous . You write a $500k annuity at 8% commission and the person dies in 11 months . That's $40 k chargeback . Big risk for upline on roll up

 

[Tahoe Ray]

That's dangerous . You write a $500k annuity at 8% commission and the person dies in 11 months . That's $40 k chargeback . Big risk for upline on roll up

Yes it is. Thankfully it's not frequent and most do pay it back. The biggest annuity producers (with some exceptions of course) normally have asset management businesses so they can't risk not repaying a debt like that.

 

[MedicareMutt]

It may not exist for your products but debt rollup is when a commission is rescinded and the agent decides that they don't want to pay it back.

WE CALL THOSE "CHARGE BACKS" ... med. supps. are paid "as earned," could get a CB on an advantage plan if it doesn't stick at least 4 mos ...

For instance, you write a 200k annuity and make 14k. You spend all of the commission. The insured dies next week. The annuity carrier then tells you that you owe the 14k back. You tell the annuity company to screw off. Then they vector you and roll your debt up to your upline.

IF YOU SPENT ALL YOUR MONEY YOU PROBABLY VOTED FOR KAMALA AND BELIEVE THAT 2 PEOPLE WHO DON'T TAKE A SALARY AND WHO ARE TRYING TO STOP PEOPLE FROM TAKING YOUR TAX MONEY ARE WORSE THAN THE PAID PEOPLE WHO DID TAKE YOUR MONEY WHO ARE PAID A SALARY?

So you can't get appointed anywhere but you stuck your upline with a 14k debt that they now have to repay (and never got paid on in the first place).

I don't write Medicare. I'm just guessing as to why a carrier would contract direct vs. the IMO model. The IMO model is a free salesforce for the carrier. The products are priced with all of that built in from go. What you get is no different either way.

You can certainly lean on IMOs for override though. If you write, they'll pay.

I'M IN OHIO ... WOULDN'T MIND GETTING GOING ON ANNUITIES ...

 

[Tahoe Ray]

WE CALL THOSE "CHARGE BACKS" ... med. supps. are paid "as earned," could get a CB on an advantage plan if it doesn't stick at least 4 mos .

A debt rollup is when you don't pay your chargeback.

The debt is still due and the insurer sure as hell isn't going to eat it. So, it moves up the hierarchy. Next in line has to pay it.

 

[MedicareMutt]

A debt rollup is when you don't pay your chargeback.

The debt is still due and the insurer sure as hell isn't going to eat it. So, it moves up the hierarchy. Next in line has to pay it.

i get it ... now get me go'n on annuities ..?