Shonceman!

[rousemark]

Anyone remember why it was originally called a "debit"?

 

[shonceman]

Anyone remember why it was originally called a "debit"?

Vaguely. As I recall, it had to do with accounting. The agent's account was debited for the amount of premium due. As you collected and turned in client payments, your account was credited. You kept track of it in a "debit book", which is why we still call our group of clients a "book of business". (Feel free to correct me if I'm wrong about any of this! Like I said, it's a vague memory from my training days.)

 

[rousemark]

Vaguely. As I recall, it had to do with accounting. The agent's account was debited for the amount of premium due. As you collected and turned in client payments, your account was credited. You kept track of it in a "debit book", which is why we still call our group of clients a "book of business". (Feel free to correct me if I'm wrong about any of this! Like I said, it's a vague memory from my training days.)

That is correct.. You account was "debited" (charged) and it was up to you to clear the debit charge.

 

[mudhound]

I started with Liberty National on 10/3/1977 and quit 14 years later on 10/3/1991. Made about $20,000 my first year as an agent in Crestview, FL and when I left I was making around $70,000 as a sales manager in Jackson, MS. When I started receiving SS benefits at age 62 I got a letter informing me that I was due a pension from Liberty National. News to me so I called them and was told that at age 65 I would receive $352 monthly or could get a lump sum of approximately $75,000. I was there twice as long as you and my check will be half as much. Something ain't right.

I could be wrong on the amount. I was told the aprox amount YEARS ago!!!!! I have gotten older since then. Could it be the years? I was there from 1989 to 1996.
Plus, it very well could be less than the 6-700 .
I did have a friend who took his in a lump sum. I think he got around 100K or so? this was a year or 2 ago.