Signing a 1099 to Sell Cancer Insurance Does this Affect My Life Contracts?

[danaubol]

I Am signing on with a company that sells one product only. It is an all in one cancer heart attack stroke cash policy. It is a captive contract as far as I know. Here is my question: they don't do anything with life, health annuities or anything else. The contract is a 1099. This will not affect my other active contracts with life and health carriers if all I sell is life and health insurance, correct?
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Ok, it says non exclusive contract. I am assuming I can still solicit life apps, correct?

 

[tins]

I Am signing on with a company that sells one product only. It is an all in one cancer heart attack stroke cash policy. It is a captive contract as far as I know. Here is my question: they don't do anything with life, health annuities or anything else. The contract is a 1099. This will not affect my other active contracts with life and health carriers if all I sell is life and health insurance, correct?
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Ok, it says non exclusive contract. I am assuming I can still solicit life apps, correct?

Yes, you are correct.

 

[Mash]

If you are "1099" then you cannot be captive.
With a "1099" the company cannot tell you what to do and when to do it. If you are a W-2 employee then then can.

You're o.k. with selling products with other companies since a "1099" means that you are an Independent Contractor and not an employee.

M*A*S*H

 

[bill3173]

Yes, you are correct.

I concur.............

 

[NCAgent]

If you are "1099" then you cannot be captive.
With a "1099" the company cannot tell you what to do and when to do it. If you are a W-2 employee then then can.

I think you are dealing with 2 separate issues here. A 1099 means you are not a W2 and cannot be told where, when, and how to work or not work. I can't provide everything and tell you to come to the office 9-5 M-F to sell.

However, a captive contract doesn't violate all of those provisions. It just says you can't have a conflict of interest with representing other carriers. This is why you can see Allstate as 1099's but they cannot go out and represent other companies without the permission of mother Allstate first.

Maybe I'm missing something? Please correct me if I'm wrong, I'm ready to learn something new today

 

[Norwayguy]

I think you are dealing with 2 separate issues here. A 1099 means you are not a W2 and cannot be told where, when, and how to work or not work. I can't provide everything and tell you to come to the office 9-5 M-F to sell.

However, a captive contract doesn't violate all of those provisions. It just says you can't have a conflict of interest with representing other carriers. This is why you can see Allstate as 1099's but they cannot go out and represent other companies without the permission of mother Allstate first.

Maybe I'm missing something? Please correct me if I'm wrong, I'm ready to learn something new today

You are correct sir...As a side note Bankers Life is captive and 1099.

 

[xrac]

You are correct sir...As a side note Bankers Life is captive and 1099.

Most of the career contracts company are 1099 and captive.

However, my question would be what insurance company is the cancer policy through. Is this an insurance company that only offers the cancer policy or is it an FMO. If the insurance company offering the cancer policy offers other products how would an appointment with an FMO for the cancer product affect the sale of other products. Does that mean they have to go through the FMO or can an agent have two separate appointments with the same company? Maybe none of this applies. I am only thinking out loud.

 

[danaubol]

Most of the career contracts company are 1099 and captive.

However, my question would be what insurance company is the cancer policy through. Is this an insurance company that only offers the cancer policy or is it an FMO. If the insurance company offering the cancer policy offers other products how would an appointment with an FMO for the cancer product affect the sale of other products. Does that mean they have to go through the FMO or can an agent have two separate appointments with the same company? Maybe none of this applies. I am only thinking out loud.

The thing I signed said non exclusive. The company is called platinum supplemental insurance company. The policy I will be representing is an all in one cancer heart attack stroke. I assume that by the fact that it says non exclusive I am free. They are based in Dubuque, IA
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The thing I signed said non exclusive. The company is called platinum supplemental insurance company. The policy I will be representing is an all in one cancer heart attack stroke. I assume that by the fact that it says non exclusive I am free. They are based in Dubuque, IA

As a side note, The company has other divisions within it and I was given a script to memorize that says I am with the heart attack stroke and cancer division. It has nothing whatsoever to do with life insurance but is underwritten by a life insurance company.