Renewals Without Active License?

Oct 11, 2016

  1. lks288
    Offline

    lks288 New Member

    Posts:
    14
    Likes Received:
    0
    I stopped selling insurance this year and my licenses are expiring at the end of this month. Does anybody know if I will still get my renewal commissions paid in January if I no longer have a valid license? I only sold MAPD plans. I keep getting different answers from different places! Thanks!
     
    lks288, Oct 11, 2016
    #1
  2. G.Gordon
    Offline

    G.Gordon Guru

    Posts:
    3,182
    Likes Received:
    4
    State:
    Missouri
    You have to be licensed and certified. So, NO $$$ for you. Even if I exited the market due to retirement or health I'd sure try to stay licensed and certified.
     
    G.Gordon, Oct 11, 2016
    #2
  3. ICACharleston
    Offline

    ICACharleston Expert

    Posts:
    93
    Likes Received:
    19
    There was an agent who didn't f certify the 2nd year and she said she got renewals. I don't understand why, since you are supposed to earn the renewals by servicing the client.
     
  4. Josh
    Offline

    Josh Retired Agent, Current List Broker

    Posts:
    11,779
    Likes Received:
    65
    State:
    Virginia
    Probably an admin mistake.

    For Medicare Advantage you need to be licensed and certified, for most other insurances you don't.
     
    Josh, Oct 11, 2016
    #4
  5. G.Gordon
    Offline

    G.Gordon Guru

    Posts:
    3,182
    Likes Received:
    4
    State:
    Missouri
    Yep, most likely an accounting record keeping error, and subject to charge back and bad debt write offs if not paid back. It would clearly be the exception and not the rule if compensated when not licensed. After all, the certification even says that one must be licensed and certified to receive comp.
     
    G.Gordon, Oct 12, 2016
    #5
  6. goillini52
    Offline

    goillini52 MAGA...Eat More Bacon & BUILD THAT WALL!!!

    Posts:
    18,450
    Likes Received:
    4,718
    State:
    Illinois

    I sold a lady a PacifiCare PDP in 2006. I haven't been certified with UHC for 7 or 8 years, but every month without fail I get my $1.67 renewal from UHC. I don't know how much longer I'll be getting it though...she's 103 years old.:twitchy:
     
  7. ICACharleston
    Offline

    ICACharleston Expert

    Posts:
    93
    Likes Received:
    19
    The trick is to make them promise to outlive you. If that doesn't work, use the renewals to buy individual whole life policies on each PDP client.
     
  8. Chazm
    Offline

    Chazm Guru

    Posts:
    4,748
    Likes Received:
    810
    State:
    Florida
    Maybe she sold med supps?
     
    Chazm, Oct 13, 2016
    #8
Loading...