- 4,875
I have a couple questions:
1. With premiums so high, why do y'all start agents so low on comp?
2. Explain the chargeback rules. I don't see how they're any different than how independent carriers work, but multiple SL marketers have told me they don't have to pay chargebacks at all.
3. What's up with the preferred plan? 35% lower comp and they have to be taking no medications at all? High cholesterol or HBP knocks them out?
4. Why do you terminate agents and take renewals if they stop writing policies for 1 month? And you make them pay the ~$100 application fee to sign up again and again. What's up with that?
5. I know someone who got a Vector letter from y'all for $0. Come on???
#1. Commissions are assigned by the hiring mgr. Everyone does it differently. Just like the independent recruiters that are up here everyday, they give different comps than others. I reward full-time agents with better contracts than part-time brokers. It's because brokers are always calling with questions but they are writing very little business and usually too broke to be on a steady diet of 20 fresh exclusive leads per week. Pareto's Principle: 20% of the agents do 80% of the production. I'd rather spend my precious time with the 20%. Especially since I'm the guy co-signing for advances and leads and licenses. I also decline agents with rotten credit, I don't just hire anyone who can fog a mirror. Once you get another 5-10 years experience you'll understand this.
#2. Agents DO pay charge-backs. Charge backs are paid back on the UN-advanced commissions (back end). Other carriers take charge backs out of the front end (advances) where as SL takes charge backs off the back end. This way agents can keep their necks above water when charge backs hit because the agent is getting paid on production being issued irregardless of charge backs. With this business model the up line mgr. incurs a bigger risk of debt roll up because the sub agent is not paying their charge backs immediately out of their advance.
#3. Preferred is 12.5% not 35% lower. High cholesterol and HBP do NOT knock them out of preferred nor super-preferred. A 10 year old insulin dependent diabetic can get preferred rates. You should be experienced enough by now to know that the health questions on company A's preferred are different from company B's preferred questions, that's why company A's preferred rates may look much higher than company B's preferred rates. especially since you are a broker.
#4 Not sure what you are talking about. I have agents who have gone 3 months without writing business. But if an agent can not write one app per month I consider them to be a waste of my time.
#5. Don't know about that either. My understanding is Vector requires a terminated agent's debt be at least $400 before they will acknowledge the debt.. Why doesn't your friend call and ask why?
LOL....I have a sneaking feeling that JD or Newby put you up to asking these questions. Tell them to be big boys and come up here with their questions. No need for them to hide behind your shadow....LOL.
If I'm wrong apologies in advance....lol.
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