lifeinsurancebrokers.com ltd and its affliated
parties , will service , underwrite and provide coverage for agents
clients under the following terms and conditions
a) the broker of record with the insurance company unless otherwise
stated is lifeinsurancebrokers.com ltd
b) agent of record is the referring agent licensed to sell these products
c) commission is a percentage of annual premiums and is payable
to the agent on placed/bound business after the effective date.
ie policy written Jan 1 effective Jan 15 commissions are payable Jan 15
d) non compete. The broker agrees that any service related to
the policy will be handled by the writing company or themselves unless
an agent specifies differently (changes must be in writing to the
broker prior to service rendered) agents cannot bind a broker or the company
to coverages .
e)The agent and broker agree that the client may not be solicited
by the broker for any other form of insurance unless the agent requests
such action.
f) In the event the client requests further or renewal coverages,
the referring agent is entitled to commissions as determined by the
class of business so long as the referring agent remains licensed
to sell that class of business.
g) from time to time the broker has the right to demand written confirmation
of appropriate licenses or the broker has the right to refuse
payment of such commissions until such license is provided.
h) Time limit, in the event a agent cannot or does not provide evidence
of e&oe coverage or appropriate provincial/.state licensing within
10 working days of demand of such . Then all earned commissions are forfeited
and no future commissions will be paid until such time as confirmation
of licensing is provided . At no time would previous commissions be payable
after a 14 day period of non licensed status. Non licensed status is determined
by the broker if a demand for proof is not provided within 10 business
days of such demand. Electronic email will be considered acceptable for
demand requests. .
i) The agent assumes agreement of such terms and conditions by the
action of referring business to the broker.
All commissions are paid on or mailed the day after such premiums are
paid to the broker.
Visa, American express, Master card is considered the equivalent to
cash. E-cheques may be made payable directly to the agent by the broker.
Cheques will be deemed paid if mailed to the last known mailing address
of the agent.
j) Default , Fraud, cancellation , of coverages during a policy period
whereby commissions are to be refunded by the broker, then automatically
they must also be refunded by the agent.
In a period of not greater than 10 working days of demand.
Failure to provide chargeback commissions will mean that the amount
due will incur interest of prime plus 2% per month with a minimum charge
of $20 interest per month per outstanding balance . Prime as determined
by the TDCanadaTrust Bank 15th day of each month .
claims
All claims are settled by the companies and the agents agree to abide
by the decisions of the companies claims department .
Record Keeping
The broker will keep copies of applications and policies at their office.
Unless otherwise requested no copies of coverage or policy wording will
be sent to the agent.
Agents are asked to keep a record of all policies referred to
assist the broker in reconcilliation of accounts.
Not an employee
At no time may the agent hold themselves out as an employee of the
broker or their related companies. Insofar as tax reporting , the agent
is held out as an independent agent and is paid commissions without deduction
for taxes or provincial or federal fees or dues subjet to provincial regulatory
bodies .
Non compete .
The agent agrees to not solicit his clients to move business to another
carrier after a policy is sold. Otherwise the agent is responsible for
chargeback of commissions and service fees attributed to services rendered
by the broker.
Commission Schedules
Unless otherwise stated commissions are 10% of gross premium excluding
taxes.
click here for specific commissions by
company and product.