Comp Plans
Add Other Comp to a Medicare Advantage Policy
Sometimes when a Medicare Advantage poicy is sold, additional fees are paid on the policy. An example is a one-time fee for a health assessment or a monthly override or bonus. If the additional fee is paid separately on a commission statement, it can ...
Graded Comp Plan
Graded commissions pay a percentage of premium paid. The percentage rate decreases throughout the year as the cumulative paid premium increases. Graded commission are paid on group products provided by an employer such as group life, AD&D, LTD, STD ...
Target Premium Comp Plan
A Target Premium comp plan is used for universal life and other life products that pay a base commission on “target premium” as determined by the carrier. A lower commission rate is paid on the “excess” premium over the target amount. Commissions can ...
Fee Comp Plan
A Fee comp plan is used for individual or group medical insurance. The fee is the amount of compensation paid to the agent. The total commission is determined by multiplying the fee in the schedule times the number of lives entered at the policy ...
Medicare Advantage Comp Plan
A MA-PDP comp plan pays a fee that is set each year by the Centers for Medicare and Medicaid Services (CMS). Depending on the Enrollment Type, the first-year fee can be paid in full or pro-rated. Renewals always begin on January 1st following the ...
Pct of Premium Comp Plan
The Pct of Premium comp plan is based on a percentage of the paid premium. Commission can be advanced for the first year, renewals or both. The advanced amount can also have a maximum commission cap. Typical products that pay a commission based on a ...
Comp Plans - Bulk Change
Bulk changes to a comp plan can be made for a specific group of policies. The carrier for the new plan must be the same as the carrier for the existing plan. Bulk Change Go to the Main Menu. Click Comp Plans. Select a Carrier and Comp Plan Type. ...