[V016b]

vested commissions

In certain types of life and health lines of insurance, if an agent/broker writes an account that renews or remains with a carrier past the initial policy term, the commissions derived from subsequent renewals are vested or owned by the agent/broker. These commissions are payable to that agent/broker or his/her estate even if that agent/broker is no longer writing for or contracted with the carrier.

Copyright: The Rough Notes Company, Inc., 1998, All Rights Reserved. 3040100

Copyright: The Rough Notes Company, Inc., 1998, All Rights Reserved. 3040100