I have a premium finance life insurance case where I'm splitting the commission with two other agents. I brought in the clients (existing for me), one agent is the "closer" and the other is the premium finance person. Let's say the target premium is $100,000 and commission split is 70% for me, 15% for the closer and 15% for the PF agent. My contract is at 90% and I don't know what the contract rates are for the other two agents with the company we're using (I'm assuming they're at the 90% level as well).
Is this how the commission split would work out?
Me: $100,000 x 0.9 x 0.7 = $63,000
Closer: $100,000 x 0.9 x 0.15 = $13,500
PF agent: $100,000 x 0.9 x 0.15 = $13,500
Is this how the commission split would work out?
Me: $100,000 x 0.9 x 0.7 = $63,000
Closer: $100,000 x 0.9 x 0.15 = $13,500
PF agent: $100,000 x 0.9 x 0.15 = $13,500