Detailed information on each section of the file.
Sections
Our commission statement has four sections: Summary, Transaction Types, Base Commissions, and Incentives.
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Summary
Overview of all the details included in the statement:
- Month the transactions belong to.
- Sum of base commissions.
- Sum of incentives.
- Sum of commissions due to Agentero (Cancellations/Endorsements)
- Total commissions: Sum of the 3 prior listed.
Transaction types
Type of transactions you can find in your statement, and their current abbreviation.
- NBS - New Business
- PCH - Policy CHange
- REI - Reinstatement
- XLC - Cancellation
- RWL - Renewal
- RIX - Reissues
- ADJ - Adjustment
Base commissions
Detailed information of all transactions that are being included in the statement:
- The agent that bound the policy.
- Policyholder's name.
- Policy number.
- Policy effective date.
- Written Premium.
- Fees and taxes (not commissionable).
- Commissionable amount.
- Commission schedule (rate).
- Total commission amount = Commissionable amount times the rate.
Incentives
Detailed information of all incentives that are being included in the statement:
- Producer: when the incentive is linked to one more than one policy we use the first agent on the list as the Producer.
- Bonus type: the incentive we are including in the statement.
- Bonus amount: total incentive.
