Thinking of Becoming an Agent but I Have Some Questions

[Christin419]

I am about to take the classes and get my license. We will be opening up a broker shop for insurance but I am confused on how you will get paid from the different insurance carriers that you sell for? We will be doing life, health, auto and home. I dont know where to go to find out this information hoping someone can help me find out how we will be making money!

 

[CHUMPS FROM OXFORD]

Re: Thinking of Being an Agent but Have Some Questions

Are you sure you are ready for your "Broker Shop"? How will you gather clients and what experience do others have in your office?

Re getting paid from carriers etc...it depends on the type of policy and whether you deal direct with them or through an intermediary like a "GA."

 

[Christin419]

Re: Thinking of Being an Agent but Have Some Questions

We also have a mortgage broker shop so we would get most of our customers from there. We already have the office space and everything else we need ready to go when we need it just curious as to how it really works I guess?

 

[CHUMPS FROM OXFORD]

Re: Thinking of Being an Agent but Have Some Questions

A lot of variables. Maybe one of the Forum members who deal with new agents can help you.

 

[briko3]

Re: Thinking of Being an Agent but Have Some Questions

You're starting a business and don't even know how you're going to make money?

 

[Mark]

Re: Thinking of Being an Agent but Have Some Questions

You are putting the horse in front of the cart!

This reminds me of something I saw on shark tank the other day.

 

[Christin419]

Re: Thinking of Being an Agent but Have Some Questions

I guess I just dont know how insurance agents get paid off the premium, or renewals or what?

 

[HarryRenard]

Re: Thinking of Being an Agent but Have Some Questions

I guess I just dont know how insurance agents get paid off the premium, or renewals or what?

But you have office space all ready to go so
I wouldn't worry about it, I am sure it will work itself out.


You have a long way to go try google and use the search funtion on the forum everything your asking is covered one place or another.

 

[Christin419]

Re: Thinking of Being an Agent but Have Some Questions

I didnt go out and get an office space in hopes this would work out I have a mortgage company and real estate company already with extra office space all that is left is to pass the test.
Thanks for all your help.

 

[Mark]

Re: Thinking of Being an Agent but Have Some Questions

I guess I just dont know how insurance agents get paid off the premium, or renewals or what?

take the premium x the commission = what you get paid

Example with a life case.

Let's say the premium is $120 a month
and you have a 105% contract
You would make $126 a month as earn
or if you are on advancing you would make 126 x 9 = 1134 and still have month 10, 11, 12 coming later as you earned it.