Dual Appointments

[smartweb2000]

Is It Possible to be appointed to the same Insurance Company by two separate IMO/Agency?

I was told that this is a possible. How is this possible? What Insurance companies that allow this? How would this affect the commission structure?

 

[floridagirl]

AIG used to do it - don't know if they still do - commission is based on each IMO you contract with.

 

[GreenSky]

Many carriers allow dual appointments. As an example, I have 3 IMO's for Genworth.

Rick

 

[smartweb2000]

Richard,
You have 3 IMO's for Genworth. Does Genworth make you have the same commission for all the 3 IMO or it depend on each IMO?
I was told that the commission to be all the same.

The Insurance Company I am talking about is North American.

 

[Fisher]

What would be the purpose of duals? Or even triples? What am I missing out on here?

 

[GreenSky]

Richard,
You have 3 IMO's for Genworth. Does Genworth make you have the same commission for all the 3 IMO or it depend on each IMO?
I was told that the commission to be all the same.

The Insurance Company I am talking about is North American.

I haven't moved for commission. I've moved for competency.

Rick

 

[andins]

It's possible. I have 3 with AIG. 2 with Banner and 2 with Genworth. They generally pay the same (except Banner) It depends on the product i'm using so I can get the best service with the IMO (they are not created equal) I don't know about North Americans policy. Why not call and ask them. Dan

 

[TRSecurity]

What would be the purpose of duals? Or even triples? What am I missing out on here?

I personally have quads on one. My reason - because I often split cases with people who already have existing uplines and that upline wants an override off of me.

I give up my override (and sometimes a higher commission) to them because they are giving me clients and business. Their agents are usually accountants or finanical planners who don't want to "do life insurance" but want a piece of the business. Their upline sets me up with them as the "life guy." I get a call when they have a case, go in and do a fact-find and write the business. They trust me because I am going through their upline.

 

[smartweb2000]

Commission is a smaller part of the move. I am considering moving :

A. The agency I was recruited under gave me wrong info on my commission.

B. I found out that I am at the lowest level and I am not allow to bring in other people. I have a partner that will be coming on board to work with me. I was not told this. I was told I was independent and that I could bring in others.

I guess as fairly new agent I like agency/IMO to be honest with me. Stupid HUH! Anyway I am just looking for other options and then I was told about dual appointment.

Question: For all you agent out there if you are dually appointed, does your other agency/IMO know this or do they haved to sign something to release you/give you permission?

 

[TRSecurity]

Question: For all you agent out there if you are dually appointed, does your other agency/IMO know this or do they haved to sign something to release you/give you permission?

The only time my other IMO's know I have an appointment elsewhere is when they stop seeing business coming in and wonder where I went.

Keep in mind, not all carriers allow for dual appointments. In that case, you need to get released by your current upline...that can sometimes be a problem.