Transamerica commissions

billyb

Guru
1000 Post Club
2,172
Florida
Had a case where I checked the box for checking and the lady had a savings account. Bank returned the draft. Called Transamerica weeks ago and corrected. They never attempted to draft again so I called last week and they collected 2 months on the 4th which was OK. The only problem was that I didn't get paid on more new business placed this month so I called. Was told their system doesn't automatially correct itself when a policy goes NT and then the past due premiums are collected. A work order has to be created and this is only done if the agent calls. I would have had a debit balance if I wouln't have inquired. Thought y'all might like to know this.
 
Had a case where I checked the box for checking and the lady had a savings account. Bank returned the draft. Called Transamerica weeks ago and corrected. They never attempted to draft again so I called last week and they collected 2 months on the 4th which was OK. The only problem was that I didn't get paid on more new business placed this month so I called. Was told their system doesn't automatially correct itself when a policy goes NT and then the past due premiums are collected. A work order has to be created and this is only done if the agent calls. I would have had a debit balance if I wouln't have inquired. Thought y'all might like to know this.

To me, that would be a deal breaker. How does one write for a company that doesnt even pay correctly? Crazy.
 
Mike they’re supposed to be sending you emails on all of the missed payment stuff. If you re- date reissue or anything like that you have to call in and have them manually reverse the charge back it is what it is.
 
Advances are established at the issuance of a policy. The systems generate the advance and begin to look for payments that get applied until the advance balance hits 0. Once a policy lapses, the advance is converted to a debit balance. The advance balance on that policy is gone. If they reinstate a policy, it just goes back to normal paying as earned. The system doesn't recognize a reinstatement with the advance because a policy could lapse in month 23 then reinstate in month 26 where renewals are all that are in effect.

Not that that means a damn thing to an agent who wants to get paid, just simple explanation of how the system works. One would think they are aware of this and look out for it but departments don't usually communicate with one another as the reinstatement is out of the scope of commissions and vice versa.
 
Advances are established at the issuance of a policy. The systems generate the advance and begin to look for payments that get applied until the advance balance hits 0. Once a policy lapses, the advance is converted to a debit balance. The advance balance on that policy is gone. If they reinstate a policy, it just goes back to normal paying as earned. The system doesn't recognize a reinstatement with the advance because a policy could lapse in month 23 then reinstate in month 26 where renewals are all that are in effect.

Not that that means a damn thing to an agent who wants to get paid, just simple explanation of how the system works. One would think they are aware of this and look out for it but departments don't usually communicate with one another as the reinstatement is out of the scope of commissions and vice versa.

somebody ate their wheaties today! Great breakdown of their system!
 
Mike they’re supposed to be sending you emails on all of the missed payment stuff. If you re- date reissue or anything like that you have to call in and have them manually reverse the charge back it is what it is.
Really? I don't remember the last time I got an email from Trans! Last time I called and asked about it they told me I should be logging in and checking my statement every day.
 
Advances are established at the issuance of a policy. The systems generate the advance and begin to look for payments that get applied until the advance balance hits 0. Once a policy lapses, the advance is converted to a debit balance. The advance balance on that policy is gone. If they reinstate a policy, it just goes back to normal paying as earned. The system doesn't recognize a reinstatement with the advance because a policy could lapse in month 23 then reinstate in month 26 where renewals are all that are in effect.

Not that that means a damn thing to an agent who wants to get paid, just simple explanation of how the system works. One would think they are aware of this and look out for it but departments don't usually communicate with one another as the reinstatement is out of the scope of commissions and vice versa.

This actually makes perfect sense. If this is the way it works, it’s not that an agent wouldn’t get paid, they’d just get paid as earned.

Seems fair to me, nothing wrong with that.
 
Really? I don't remember the last time I got an email from Trans! Last time I called and asked about it they told me I should be logging in and checking my statement every day.

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