Can someone please define the following when asked about "Advance Term" with regards to commission payments:
For example:
3 months on settle
Or
3 months on issue
Does it mean when it says "settle" that the carrier will pay the agent an advance of 3 months of commission upon submitting a policy?
Likewise, the same goes for "issue" but only when the policy gets issued?
I was given an option of 3, 6, or 9 months but not sure about whether to pick "settle" or "issue".
Please help. Thanks in advance!
For example:
3 months on settle
Or
3 months on issue
Does it mean when it says "settle" that the carrier will pay the agent an advance of 3 months of commission upon submitting a policy?
Likewise, the same goes for "issue" but only when the policy gets issued?
I was given an option of 3, 6, or 9 months but not sure about whether to pick "settle" or "issue".
Please help. Thanks in advance!