IMO Vs FMO Vs MGA Vs GA

[Agatella]

You are so right. They would not release my contract from UHC and when I started making a stink no one would take my call. My only other option was not to sell any products for UHC for 6 months, not an easy feat since AARP is a major player here in western NY with absolutely no competition on their medicare supplement rates!

 

[Daytona_Guy]

You need to take a few min. to look at what agents really think about Amerilife on this forum. You want be around very long.
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What I'm saying is you want be around this forum very long. Sounds like you were made for Amerilife.

Speaking of AmeriLife:
http://www.insurance-forums.net/for...keting-group-releases-t81117.html#post1085588

 

[johnanbdholly]

Is there a place on the web where a person can find a list of all the IMOs/FMOs/GMAs in the industry?

 

[salesgirl]

In my experience, every single carrier defines those acronyms differently. Every agency also has their own definitions. As I've come across, IMO/FMO is usually the same, MGA is usually higher than GA, but those are often used interchangeably too. Just like "broker" and "agent" are now used interchangeably, even though they used to mean two different things. (Broker used to mean an agent who worked with different carriers, agent used to mean a captive sales agent.)

 

[BobBarker]

Great question! I too have been wondering this.

 

[Todd King]

An IMO and FMO are mostly the same. IMO is usually the term when referring to life and FMO is generally used when referring to health. Both would usually recruit nationwide. Most are non-captive. Hence the "Independent" part in the name IMO.

A GA and MGA is usually interchangeable. A GA or MGA will usually have agents that are more localized and may have more hands on contact, training, and/or programs with the agents.

 

[crs6633]

Great question! I too have been wondering this.

I bet you get a lot of that on Let's Make a Deal.

 

[jc_does_ins]

Thanks for the clarification on these terms, it is of great help and at the same time now I have more questions

I signed up with a small independent agent some time ago, barely started working in life ins. again so now what I'm wondering is this:
How exactly do I find out how they are set up with the carriers?

My only experience with something similar before was with a local broker years ago. We were appointed directly with the carriers so I thought that's how it worked in general before joining this forum.

Thought that I was appointed with them and they would get me signed up with the carriers. But now I'm confused knowing that there is a chance that they themselves are signed up with another Agency.

I will try to find the paperwork I signed with them.

 

[SandraNT]

Producer is the ga

If you have sub agents or recruit agents under you, that makes you a MGA

MGA1 has 2 to 5 agents
MGA 2 has 5 to 50 agents
MGA 3 has 50 to 100 agents..


IMO has 100 +
IMO1 has 1000+

The more you producer or more agents that you have the higher the %.

You are not captive so you can be with any many different IMO's as you want. BUT... after you sign up with an IMO with a Company, you have to wait either 6 months or get a release letter to go with another IMO with that 1 company.

Companies dont want you to be direct because they want someone to co sign for your advances.....and it is like the ARMY... The INS company likes to have generals... A food chain so to speak...

 

[SandraNT]

I am a MGA , just me setup as LLC.

Yes I do get an override of $100