What should you know about Read the triggers and recovery terms?
Look for the events that cause a reversal, the period covered and the method of calculation. Cancellation, rescission and premium changes may be handled differently. Ask whether a debit can be offset against other commissions or remain payable after termination.
What should you know about Protect clients from unsuitable premiums?
Good needs analysis includes whether the client can sustain the premium. Explain payment arrangements and policy terms clearly, and never pressure someone to keep coverage solely to protect your commission. The client's interests come first.
What should you know about Build a reserve and reconciliation habit?
Keep money available for potential reversals and review statements routinely. Investigate discrepancies through the carrier or contracting organization using policy records and payment history. Treat financial planning for your business as a separate task from sales activity.
What should you know about Resolve an exit balance before moving?
Leaving an agency does not automatically erase a debit. Obtain a statement of outstanding obligations and review the agreement with an attorney if the interpretation is disputed. Do not assume a new agency can cancel an old contractual debt.