When Are Advance Commissions Taxable?
A 1999 tax court case determined that advanced commissions received by an insurance salesman were not taxable when he received them. The Tax Court determined that the salesman received loans…
Agency Management
Producer Compensation Using a Base and Growth Method
One of the most common questions that we get each week is, “How much should we pay producers?” Questions like these are equivalent to asking, “What is the ‘average’ that…
Following Up on Certificates of Insurance
Many insurers don’t want their agents to copy them on certificates they issue. Other carriers have expressed their intent to NOT copy certificate holders on cancellations. In some instances, even…
New January 2009 ACORD 25 Certificate of Insurance
It’s been over 7 years since the ACORD 25 was revised, but a new version came out this month. Changes include several revisions in the Coverages section and a Disclaimer…
Agency Certificate Procedures
Agencies are often asked to review contracts of insureds and/or to issue “nonstandard” certificates. Does your agency have a standard procedure for processing certificates? If so, the VU would like to hear…
Certificate vs. Policy Limits
Your insured contractor has gotten a job where the insurance requirements include at least $1,000,000 in CGL coverage. Your insured has a $2,000,000 CGL occurrence limit. He doesn’t want them…
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