Target Premium Import Template

Target Premium Import Template

The Target Premium template is specifically for universal life and whole life policies.  These policies pay a base commission rate on the “target premium” and a smaller rate on the “excess premium”.  The Base and Excess rate can vary from year to year.  Commissions can be advanced for first year, renewals, or both.

Click the attachment at the bottom of the page to download the Target Premium import template.

Sample Target Premium Commission Schedule
Begin Year
End Year
Base Rate
Excess Rate
Advanced Rate
1
1
90%
3%

2
10
3%
3%





Tips

  1. Enter the gross premium for the policy.
  2. Enter a policy fee.  This is a non-commissionable fee that is deducted from the payment fee in the schedule.
  3. Enter the number of years premiums will be paid.
  4. Enter the target premium amount.  The base commission is paid on this amount and it is provided by the carrier.
  5. Enter any lump sum or 1035 Exchange amount.  This amount will be applied during the first year towards the target premium amount.
  6. Create a comp plan for the policy BEFORE YOU IMPORT and add the name here.  The name should be spelled exactly how it is in the application.
  7. Product - enter the name of the product as it appears in the commission statement.  This field is used to help match a commission to a policy.
  8. Type - this is the type of insurance sold.  An example is Life, Disability, Medicare, Group, Voluntary Benefits, etc...  There are pre-defined types already created in the application.  You can use them here, or create your own.
  9. Sub-type - this is subset of types.  An example for a Life type is: Universal Life, Whole Life, Final Expense, etc... There are pre-defined sub-types already created in the application.  You can use them here, or create your own.
  10. To view the current types and sub-types:
    1. Go to the Main Menu.
    2. Click Data – Types & Sub-Types.

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