Residual income requirements

ganewbie

Expert
28
Georgia
General question, I'm a broker with an FMO. is it usually required to keep active my insurance licenses in all areas if I stop working there and go basically part time independent? Are there any other requirements? If I did not renew a license in a a state where I have a policy sold would the company pull me as AOR? And would I lose any commission beyond that point?
 
You just need to be licensed at the time of sale to get all of your renewals for Med supps. Advantage/pdp is a completely different animal. I have states that I didn't do well in marketing wise and the few policies I wrote still pay me commission even though my license has lapsed.
 
You just need to be licensed at the time of sale to get all of your renewals for Med supps. Advantage/pdp is a completely different animal. I have states that I didn't do well in marketing wise and the few policies I wrote still pay me commission even though my license has lapsed.

It's going to depend on the company. Some companies won't pay you unless you keep your license active in the particular state they are paying you from.
 
It's going to depend on the company. Some companies won't pay you unless you keep your license active in the particular state they are paying you from.

Interesting, never ran into that before. I guess I'm lucky. If I had to guess, is Medico one of the ones that wont keep paying if you're not licensed there? That'd be my only guess.
 
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