Upfront or Up-Front Release Form

[0b1kanobee]

I was wondering if anybody has an up-front release form they could send me? Maybe a fill in the blank type document?

I guess I could try and figure it out on my own but if somebody already has one it would save me some time.

I will put in it that as long as I have no outstanding debit balance that I will be given an immediate release. That is some of the wording I want in it anyway. I could always improvise if I have something to go off of, like I said if anybody has one they would be willing to share.
My email is [email protected]

Thanks

 

[Frank Stastny]

I was wondering if anybody has an up-front release form they could send me? Maybe a fill in the blank type document?

I guess I could try and figure it out on my own but if somebody already has one it would save me some time.

I will put in it that as long as I have no outstanding debit balance that I will be given an immediate release. That is some of the wording I want in it anyway. I could always improvise if I have something to go off of, like I said if anybody has one they would be willing to share.
My email is [email protected]

Thanks

Many companies have their own release form that the upline and the agent sign. I will send you the one MOO and Gerber use.

An outstanding balance will not come into play unless you have assigned your commissions to them. If an agent is contracted with me and has a debit balance that is between him and the insurance company. I have nothing to do with that since I would never ask an agent to assign their commissions and renewals to me.

 

[360]

An outstanding balance will not come into play unless you have assigned your commissions to them. If an agent is contracted with me and has a debit balance that is between him and the insurance company. I have nothing to do with that since I would never ask an agent to assign their commissions and renewals to me.

Once the insurance company has exhausted their options in collecting from the agent and/or in many instances when an agent gets terminated that balance will roll to you immediately. An example would be that maybe you only received a few hundred dollars in override commissions and the agent has chargebacks totaling 10k that he refuses to pay. As the upline you will be required to pay the 10k. It's never just between the agent and the carrier. It's between the agent, carrrier and every single person in between and they start collecting in most cases from the bottom up.

 

[0b1kanobee]

Well I talked to the gentleman you suggested Frank and he said that Foresters doesn't have their own form. He told me to write one up and gave me some criteria but like a said, wouldn't mind seeing something to at least give me a spring board to go off of. To get me started if I have to write up a release.........

 

[Mark]

Many companies have their own release form that the upline and the agent sign. I will send you the one MOO and Gerber use.

An outstanding balance will not come into play unless you have assigned your commissions to them. If an agent is contracted with me and has a debit balance that is between him and the insurance company. I have nothing to do with that since I would never ask an agent to assign their commissions and renewals to me.

It is different in life insurance.... I just got hit for 6500 today for one of my downline agents...

If you will notice that with most life companies , your imo has to sign for the advances also along with the agent...If the agent does not pay it back, the next step is for the company to come after the next guy in line..all the way to the top.

I know IMOs get attacked a lot, but we take a lot of hits from these bad agents and their debit balances when it comes to debit balances.

 

[moonlightandmargaritas]

I know IMOs get attacked a lot, but we take a lot of hits from these bad agents and their debit balances when it comes to debit balances.

So who's fault is that?

Maybe if you were a little more discriminating in who you get involved with, it wouldn't be a problem!

 

[Frank Stastny]

Well I talked to the gentleman you suggested Frank and he said that Foresters doesn't have their own form. He told me to write one up and gave me some criteria but like a said, wouldn't mind seeing something to at least give me a spring board to go off of. To get me started if I have to write up a release.........

I didn't see where you mentioned Life Insurance and since you and I have talked about Med Supps in the past I just assumed you were referring to Med Supps. Life is different. My bad.

 

[0b1kanobee]

This has to do with Foresters and Final Expense.

I think I can do an up-front release still????

 

[360]

You're over thinking this. If you're only contracting with one carrier with said IMO a simple letter from them stating "We agree to release XYZ agent at any time as long as he/she has no debit balance" will suffice.

If you are contracting with multiple carriers if it were my release I stipulate that you can have no debit balances with any carriers we have contracted you with.

 

[0b1kanobee]

You're over thinking this. If you're only contracting with one carrier with said IMO a simple letter from them stating "We agree to release XYZ agent at any time as long as he/she has no debit balance" will suffice.

If you are contracting with multiple carriers if it were my release I stipulate that you can have no debit balances with any carriers we have contracted you with.

Ok I like that and is what I was thinking. Now, who on their end signs it? The owner of the agency, a manger or an authorized company representative from the agency?
Any other specific information I need?