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Started By
Message
re: How much do insurance agents make?
Posted on 7/15/15 at 3:42 pm to Chad504boy
Posted on 7/15/15 at 3:42 pm to Chad504boy
quote:Yes, but in
all agencies are owned by an agent. not relevant to any points i'm countering you on. agencies get appointments.
quote:agencies, theres only one actual agent. He owns the agency, has the appointments, and has producers working for him.
MOST
1
Posted on 7/15/15 at 3:43 pm to Chad504boy
quote:Yeah, you're confused on the venacular. All agents can be producers, but not all producers are agents.
Roommate sells insurance but isn't an agent. then he's not selling insurance then.
Posted on 7/15/15 at 3:43 pm to Phil A Sheo
quote:
I'm a small agency that's just starting out... I have several , but I've also been at this for a while and have gotten close enough to several reps to make that happen.
i also think its a bad assumption that other dude is making in him thinking that most of these smaller agencies don't have agents/producers producing business for the agency besides the principal. Lots of times agency owners pays the licensed CSR's commissions for their business productions. Too many variables to sit here and think 10-12% of commissions goes straight into most producing agent's pockets.
Posted on 7/15/15 at 3:44 pm to DukeSilver
quote:
theres only one actual agent. He owns the agency, has the appointments, and has producers working for him.
producers = agents
i'll do this all day long.
This post was edited on 7/15/15 at 3:45 pm
Posted on 7/15/15 at 3:45 pm to Chad504boy
quote:Well this is sort of correct, I'm not making a "bad" assumption. The agent makes 10-12% of the book. How he chooses to pay his people, be it salary, salary plus commision, or just commision, is their call.
i also think its a bad assumption that other dude is making in him thinking that most of these smaller agencies don't have agents/producers producing business for the agency besides the principal. Lots of times agency owners pays the licensed CSR's commissions for their business productions. Too many variables to sit here and think 10-12% of commissions goes straight into most producing agent's pockets.
Posted on 7/15/15 at 3:46 pm to Chad504boy
quote:And you'll continue to be wrong.
producers = agents i'll do this all day long.
Posted on 7/15/15 at 3:46 pm to DukeSilver
quote:
. The agency makes 10-12% of the book.
Posted on 7/15/15 at 3:47 pm to tgrbaitn08
He's licensed to sell insurance but he works at another guys agency. I believe he is not old enough or something to start his own yet.
Posted on 7/15/15 at 3:47 pm to Chad504boy
quote:Who owns the agency?
The agency makes 10-12% of the book.
Posted on 7/15/15 at 3:48 pm to DukeSilver
quote:
Who owns the agency?
what color are their eyes? who gives a crap. Commissions from companies are paid to the agency.
Posted on 7/15/15 at 3:49 pm to PrideofTheSEC
quote:This.
He's licensed to sell insurance but he works at another guys agency. I believe he is not old enough or something to start his own yet.
You're not an agent just because you're licensed to sell insurance. He works at an agency, owned by the agent.
Again, this isn't 100% of the time. But definitely the norm.
Posted on 7/15/15 at 3:49 pm to Chad504boy
quote:Lol yes, and there is 1 agency owner.
what color are their eyes? who gives a crap. Commissions from companies are paid to the agency.
Posted on 7/15/15 at 3:49 pm to Chad504boy
quote:
smaller agencies don't have agents/producers producing business for the agency besides the principal.
Yeah there's a miscommunication of sorts here.. And we normally refer to a producer as a producing agent or Agency producer... Really it's all the same.
quote:
Lots of times agency owners pays the licensed CSR's commissions for their business productions.
Yes, but CSR's typically are confines to the office and make less...but can be more valuable that producers at times.
quote:
Too many variables to sit here and think 10-12% of commissions goes straight into most producing agent's pockets.
Absolutely..
Posted on 7/15/15 at 3:50 pm to Chad504boy
quote:
An insurance producer is a general term applied to anyone who engages in the sale of insurance products. Producers must be licensed by the state in which they wish to sell insurance. Most states require producers to pass an examination and meet any other educational and ethical requirements, which vary from state to state. Insurance producers may be agents or brokers, both of which usually consist of a separate set of licensing requirements.
quote:
Agent
An insurance agent is an individual appointed to represent a particular insurance company. An insurance agent may be a "captive," meaning her company prohibits her from representing other insurance carriers, or an independent agent who represents several companies, allowing for greater flexibility to meet client needs. Some companies may allow their captive agents to contract with other companies to sell non-competing lines of insurance that the company may not offer.
quote:
Broker
An insurance broker is a producer who operates much like an independent agent. Instead of representing only one insurance company, brokers may represent several different companies, allowing them to shop around for the best rates and coverage for their clients. Many states have slightly different licensing requirements for brokers than for agents and may require a higher level of insurance industry experience. A challenge of being a broker as opposed to an agent is that it can be difficult to keep up with the rules and policies of all the different companies they represent.
This post was edited on 7/15/15 at 3:51 pm
Posted on 7/15/15 at 3:51 pm to DukeSilver
quote:
Yeah, you're confused on the venacular. All agents can be producers, but not all producers are agents.
No, just no. My wife grandfather owns an agency. One of his sons works at said agency under him. He is an agent. There is no question about it.
You're trying to make a semantics argument, but you're failing.
Posted on 7/15/15 at 3:51 pm to King of New Orleans
I now know who sells insurance because of this thread
Posted on 7/15/15 at 3:52 pm to DukeSilver
quote:
Lol yes, and there is 1 agency owner.
Right, but not necessarily one agent.
Posted on 7/15/15 at 3:53 pm to tgrbaitn08
quote:
Insurance producers may be agents
all day long, an insurance producer is an insurance agent.
Posted on 7/15/15 at 3:53 pm to tgrbaitn08
quote:
Broker An insurance broker is a producer who operates much like an independent agent. Instead of representing only one insurance company, brokers may represent several different companies, allowing them to shop around for the best rates and coverage for their clients. Many states have slightly different licensing requirements for brokers than for agents and may require a higher level of insurance industry experience. A challenge of being a broker as opposed to an agent is that it can be difficult to keep up with the rules and policies of all the different companies they represent.
Typically what most large and or smaller agents are..
I'm independent and mainly deal in Commercial lines and this is how I operate..
Posted on 7/15/15 at 3:54 pm to DukeSilver
quote:
and there is 1 agency owner.
since when?
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