BFY Payment

[Persistency FG]

Can anyone tell me what is a "BFY Payment" on a MOO commission statement? I called into MOO and the rep said it's a "beyond first year" payment, but couldn't explain what that means. Also that doesn't make any sense to me, because 1) there are BFY payments in a customer's first year and 2) there is a separate note for "Renewal Payment" for payments in first and later years

 

[DHK]

I'll guess for you:
1) Premiums above target premium that get a different rate of compensation?
2) Rolling target premiums into the 2nd year? (Primarily affects under-funded policies though - which I'm staunchly against.)

 

[Millwood]

Can anyone tell me what is a "BFY Payment" on a MOO commission statement? I called into MOO and the rep said it's a "beyond first year" payment, but couldn't explain what that means. Also that doesn't make any sense to me, because 1) there are BFY payments in a customer's first year and 2) there is a separate note for "Renewal Payment" for payments in first and later years

I think you may be talking about their persistency bonus. Med Supps start receiving a 4% bonus in month 13.

 

[theinsuranceman]

Can anyone tell me what is a "BFY Payment" on a MOO commission statement? I called into MOO and the rep said it's a "beyond first year" payment, but couldn't explain what that means. Also that doesn't make any sense to me, because 1) there are BFY payments in a customer's first year and 2) there is a separate note for "Renewal Payment" for payments in first and later years

I'd simply call MOO back and speak with a different rep. You must have talked to a new one that was not trained very well?

 

[Alston]

Balance of first year?

 

[Tahoe Ray]

I'll guess for you:
1) Premiums above target premium that get a different rate of compensation?
2) Rolling target premiums into the 2nd year? (Primarily affects under-funded policies though - which I'm staunchly against.)

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