Commission

Commission

Fee paid to an agent or insurance salesperson as a percentage of the policy premium. The percentage varies widely depending on coverage, the insurer and the marketing methods.

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Part of Speech: noun
Synonym(s):
Blossary:
Industry/Domain: Insurance
Category: Life insurance
Company:
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Related terms

commission

Retail; Supermarkets

Compensation paid to a person or company for selling goods or services.

commission

Banking; Investment banking

Compensation paid for work performed, generally based on the volume of the transaction or expressed as a percentage of the profit. See also bank commission.

commission

Professional careers; Sales

Compensation paid to a salesperson following a sale based on a percentage of the gross sales revenue, can be linked to units or margin as well, a commission-only compensation ...

commissions

Tourism & hospitality; Hotels

A percent of the total product cost paid to travel agents and other travel product distributors for selling the product to the consumer.

Lloyd's

Insurance; Life insurance

Generally refers to Lloyd's of London, England, an institution within which individual underwriters accept or reject the risks offered to them. The Lloyd's Corp. provides the ...

Lloyds organizations

Insurance; Life insurance

These organizations are voluntary unincorporated associations of individuals. Each individual assumes a specified portion of the liability under each policy issued. The ...

National Association of Insurance Commissioners (NAIC)

Insurance; Life insurance

Association of state insurance commissioners whose purpose is to promote uniformity of insurance regulation, monitor insurance solvency and develop model laws for passage by state ...

dividend

Insurance; Life insurance

The return of part of the policy's premium for a policy issued on a participating basis by either a mutual or stock insurer. A portion of the surplus paid to the stockholders of a ...

earned premium

Insurance; Life insurance

The amount of the premium that as been paid for in advance that has been "earned" by virtue of the fact that time has passed without claim. A three-year policy that has been paid ...