Kingdom Insurance Group: Are agents vested starting Day 1?
- Thread starter ViaMedi
- Start date
- 29,491
"Today, the company is known as the #1 national insurance marketing firm in the United States, supporting agents selling insurance plans.
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Why do I not believe this?
Best to make sure. Also check to see if they provide releases if needed. Also get it in writing!
- Thread starter
- #4
The agreement states they will provide a Reciprocal Letter of Release. Is that standard?
Yes....however, if you have to sign a separate "agreement" with them, then it sounds like you will be captive (which I thought they were). You may want to think twice about that!
- Thread starter
- #6
There is a separate Broker Agreement between myself and KIG. And then there are agreements between myself and the carriers. Is there any particular language in the agreement that would indicate it?
You would know if you are captive be who pays you. Are you going to be paid direct from the insurance companies or from Kingdom. If it is Kingdom paying you, then you are definitely captive to them and your business is actually their business. If you leave, you can't take it with you.
If you find something in the wording that says anything about you not being able to sell for 2 years or you can't contact clients or anything like that, then you don't want to start there at all!
- 29,491
On their site, they say you're paid by the carrier. Doesn't sound captive.
- Thread starter
- #9
Ok, I see. Thanks for the insight, the carriers will be paying me directly. Good thing, I do not see anything along the lines of not being able to sell or can't contact clients.
But is this standard contract language, 'Upon termination with cause of the broker all earned commissions are immediately paid in the future to Company" Company means FMO in this case.
That is rather standard. Not really something that has to be written though. The key word in that phrase is "with cause". That means you did something that you shouldn't have done...maybe even illegal.
Also, do look around and compare commissions.
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