NLIC.org

Edward Said:

Can a joint sdavings account interefe with your relative's life insurance rate?

We Answered:

NO! It couldn't happen. The one (savings account) has no bearing on the other (life insurance).

If you have ANY doubts pick up the phone and ask the insurance agent.

Hope this helps,

Jim

Eva Said:

who does the rating in insurance products. the agency or the carrier?

We Answered:

The Agent themselves doesn't do any of the 'decision making'. The agent basically makes a recommendation as to what product to go with and the amount, provides a quote, then completes the application with the client. From there the applications is sent to the underwritting department, who goes through the application, collects more information if needed and then decides whether to approve, or decline the application.

If it's declined, the underwritting department lets the agent know and the agent relays that to the client. If it's approved the underwritting department sends it to the issue department, who writes up the policy. After it's written, it goes to the agent who delivers it to the client.

Whether it's through a captive agent or a broker that deals with multiple companies it works the same...only difference is a broker would have more than just one company to quote from and whichever company he/she chooses is the one that he/she sends the application to for that client. Every company has their own processes, but in general, they are all more or less the same.

Nathan Said:

What is the typical commission rate and/or structure for making cold calls for an insurance agency?

We Answered:

It's a touchy situation since all you can do is gather information and get people interested in a quote. Typically you will be paid a small hourly wage and then a per appointment/quote request. A typical price is $1-3 per quote or up to $10 for a kept appointment.