What is the Definition of Commission?

What is the Definition of Commission?

Fee paid to an agent or insurance salesperson as a percentage of the policy premium. The percentage varies widely depending on coverage, the insurer, and the marketing methods.

Source: Insurance Handbook A guide to insurance: what it does and how it works | https://www.iii.org/

Label: Insurance
Theme: Dictionary of Insurance Terms

Other Questions: What is the definition of Insurance?

What is the Definition of Commission?

What is the Definition of Commission?

Check out other definition of insurance terms below:

What is the Meaning of CONTESTABLE PERIOD In Insurance Terms?

The time during which an insurer has the right to cancel or rescind an insurance policy if the application contained a material misrepresentation. (See Incontestability provision)

What is the Meaning of CONTINGENT BENEFICIARY In Insurance Terms?

The party designated to receive the proceeds of a life insurance policy following the insured’s death if the primary beneficiary predeceased the insured. Also known as secondary beneficiary and successor beneficiary. (See Primary beneficiary)

What is the Meaning of CONTINGENT LIABILITY In Insurance Terms?

Liability of individuals, corporations, or partnerships for accidents caused by people other than employees for whose acts or omissions the corporations or partnerships are responsible.

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