A commission is compensation received by a broker or insurance agent paid by the insurance company and is a percentage of the insurance premium, or a percentage of a portion of the insurance premium.
A fee, on the other hand, is a fixed dollar amount (not a set percent of the premium) and can be paid either by the party buying the insurance or by the insurance carrier. Often, clients with large premiums, or complex risks negotiate with their broker to provide services, including the placement of insurance for a flat fee. The insurance is than placed "net of" or without commission. Many people feel that this is a more transparent method of broker compensation and eliminates broker bias to higher premiums or carriers which pay a higher commission.
In certain circumstances, both a fee and a commission are charged. This usually occurs when the broker is providing services which are not property compensated by the commission in the policy. When a fee is charged in addition to a commission, it should be disclosed who the fee is being paid to, and for what service.
difference between broker and commission agent
Commission Payable is Commission that you pay, Commission Receivable is Commission someone is paying you.
difference between cost and costing
there is no difference.
the difference between global and international strategy
difference between broker and commission agent
Commission Payable is Commission that you pay, Commission Receivable is Commission someone is paying you.
The difference in job profile between a short service commission and a permanent commission within the Indian Army is the difference between getting paid only when in the military (short service) and receiving a state pension upon retirement (permanent commission).
There actually is no difference. A Private Transfer Fee Covenant is a Reconveyance Fee Instrument.
One is spelled different
board works in a collective manner. but commission work in a individual manner.
Both fee and fee simple mean that you are the absolute owner of real property. You can sell the land or leave it to your heirs.
The difference between a corporation and a commission is in their functions. A corporation if a government entity that serves the public while a commission is an investigative body set up for a particular task.
What is the difference between a salary and commission
Forex commission.
An agency is usually an organization or a company that represents a business, while a commission is a group of persons in charge of a particular function.
25% 15% over $2,500 PB