Chargebacks? Chargebacks Are So Career!

We’ve been fielding a lot of questions in the last few days about charging back earned commissions … For your convenience, the answer is reproduced below from our broker agreement, section “4. COMPENSATION”:

If the Company shall become liable for the return of any premiums for any cause, including, but not limited to, premiums returned under the Company’s rights to contest a claim and to limit benefits when the insured dies by suicide, the Agent/Broker shall repay to the Company on demand the total amount of commissions previously paid to the Agent/Broker on such premiums.

So, we charge back commissions when we return premiums.

The contract makes no mention of charging back commissions on first year or 13th month lapses. And for good reason – we don’t charge back commissions solely due to a lapse in the first 13 months.

Just another reason to do business with “The last brokerage company in America.”

 

FRANK GENCARELLI, SVP, DISTRIBUTION AND MARKETING

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