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Any MYGA writers have familiarity with how carriers back out commissions at death? IE: does it apply based on issue age or attained age & is it a 1 year or 4 year schedule of pro-rata backout of the commission?
What happens if a MYGA book was sold, does the backout of commissions for a death claim reverse from servicing agent at time of death or from the writing agent that wrote it or earned the most recent commission?
lastly, same thing for a surrender within say 1 year after newly written or 1 year of renewed?
thanks for the help, have a friend looking to buy a Life & Annuity book with sizeable MYGA book with a lot of clients age 80+. So he is wanting to see how most carriers handle these potential backouts so he can use that in determine fair purchase price, etc
What happens if a MYGA book was sold, does the backout of commissions for a death claim reverse from servicing agent at time of death or from the writing agent that wrote it or earned the most recent commission?
lastly, same thing for a surrender within say 1 year after newly written or 1 year of renewed?
thanks for the help, have a friend looking to buy a Life & Annuity book with sizeable MYGA book with a lot of clients age 80+. So he is wanting to see how most carriers handle these potential backouts so he can use that in determine fair purchase price, etc