Just a translator

[j.allen]

Hi everyone,

I'm actually not involved in insurance as a profession. I'm a Japanese translator working on a document about life insurance and I was hoping that someone here might be able to help me figure out some terminology and understand the system of compensation for insurance agents.

I'm assuming that "FYC" stands for "first year commission" and paired with this, I have "RC." From internet searches, I'm guessing that this means "renewal commission," but could someone confirm this?

One other thing I'm confused about is what is referred to as "P base" and "S base" in my document. Are these standard insurance industry terms and if so, can anyone tell me what they mean and if they are short for something else? Any and all help is gratefully accepted.

Jocelyne

 

[Mr. Bill]

Context -

Give us a better understanding of the section/paragraph/sentence, and we'll be better able to assist.

 

[j.allen]

I don't have a lot of context I can reveal, due to the fact that the terms appear in point-form notes, but one note states that the P base has become the global standard for managing business results. The one with S base says "corrected S base." And that's all I can tell you because that's all I know. I also have "converted P" over and over again, but always in equations like ANP x converted P x commission rate, which doesn't tell me a lot, but maybe someone here is nodding knowingly as they read this?

 

[senior-advisor-indiana]

P probably means prospects. That is just a guess.

 

[theinuranceguy]

Can I buy a vowell?

 

[senior-advisor-indiana]

No, absolutely not! You need to first guess a letter right. You have no money!!

 

[The New Guy]

Maybe there is an actuary on this board.

I think those terms fall some-where under the mathematical theory of life insurance.

 

[j.allen]

Thanks for all the responses! Judging from the lack of instant recognition of these terms, I'm going to guess that they are not generally used in the industry. I'm thinking that they might be in-house abbreviations and in that case, I obviously have no hope of figuring it out without asking someone at the company. So I guess that is what I will have to do. Thanks again for the advice (and the entertaining posts!)