Entrepreneur Insurance Agency (EIA)

Independent Producer Agreement

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This Independent Producer Agreement (the “Agreement”) is made by and between Entrepreneur Insurance Agency, LLC (“Agency”) and  ____________(“Producer”), and the parties do hereby agree as follows:

WHEREAS, Agency uses a distributed, decentralized, insurance agency platform using independent contractors for its Producer sales force. Producers only need to sell Insurance Products and Agency manages all servicing for Policyholders;

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WHEREAS, Producer is a licensed insurance producer that desires to become an independent contractor for Agency under Agency’s business model;

 

NOW THEREFORE, in consideration of the premises and mutual promises under this Agreement, both parties hereby agree as follows:

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SECTION 1 - DEFINITIONS

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        1.1        For purposes of this Agreement, the following terms have the meanings set forth below:

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a.  “Confidential Information” means all nonpublic information and material that should reasonably be assumed to be proprietary or otherwise confidential. Confidential Information of the Agency includes, but is not limited to, nonpublic information related to the details and components of the Agency technology, nonpublic information Agency develops or obtains from a Policyholder or other third party (including but not limited to proprietary techniques, trade secrets, customer lists, prospect lists, referral sources, and customer information), and the terms of this Agreement, including those related to compensation. Producer’s Confidential Information includes, but is not limited to, nonpublic information related to the Producer. Confidential Information does not include information that (a) is or becomes generally known to the public at any time by any means other than a breach of the obligations under this Agreement of a receiving party; (b) was previously received or known by the receiving party without restriction or received by the receiving party directly from a third party who had a lawful right without restriction to disclose such information.

b.  “Insurance Product” refers to the insurance lines, including but not limited to personal auto, home, condo, and other insurance products, offered by the Agency.

c.  “Issued Business” consists of the insurance policies that are issued to Policyholders which Producer has solicited, and the customer purchased through the Agency relationship.

d.  “Policyholders” refers to individuals that the Producer has solicited for the sale of an Insurance Product and have purchased an Insurance Product through the Agency relationship.

e.  “Producer Compensation Schedule” refers to the terms and conditions for the payment to Producer of any commissions (as determined solely by Agency) that may be made available by Agency from time to time in connection with Issued Business under this Agreement and listed on Schedule A.

f.  “Downline Level” refers to the distance of the sale from the Producer measured by the number of producers between the sale and the Producer.

 

SECTION 2 – PRODUCER AUTHORITY

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      2.1          Authority. The authority granted to Producer under this Agreement is non-exclusive and is granted based on the information Producer provided on the application form provided to Agency prior to granting authority under this Agreement. Producer’s failure to fully and accurately provide all requested information and respond to the questions on the application form may result in Agency termination or voidance of this Agreement and Producer’s forfeiture of commission otherwise payable by Agency to Producer. Subject to all terms of this Agreement and any applicable state or federal laws, Producer is authorized to:

a.  Submit information through online quoting portals provided by Agency on prospective Policyholders that allows the return of quotes for Insurance Products in states where Producer is authorized and/or appointed by Agency and for which Producer understands the materials provided by Agency, and has completed any required training;

 

b.  Advertise and solicit prospective Policyholders and submit applications for Insurance Products;

 

c.  Solicit insurance producer recruits on behalf of Agency and to recommend to Agency any such recruits for contracting with Agency and appointment with insurance companies for which Agency solicits insurance business. Producer has no authority to make any representations on behalf of Agency. All Producer’s recruits must certify to Agency that they currently meet or shall meet the qualifications and requirements to become a Producer under Agency’s standard producer agreement. Once a recruit of Producer has entered into Agency’s standard producer agreement, such recruit shall become a producer of Agency in the downline hierarchy of Producer (such recruits referred to as “Downline Producers”). Producer shall not pay any insurance commission to Agency recruits, or any other third party, before they are duly licensed as an insurance producer. Producer shall not recruit any person who is a Downline Producer of another Agency producer. Producer agrees that Producer will not represent its relationship with Agency as a business opportunity nor will it represent that Agency members will be compensated based on the number of persons Producer recruits to become a producer of Agency. Producer shall be responsible for the training and supervision of all Downline Producers, and the costs associated with such training and supervision.

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Except for the express authority granted by Agency to Producer under this Agreement, Producer shall have no other authority from Agency.

 

2.2          Independent Contractor Status. Producer is an independent contractor and nothing in this Agreement, any written material, or correspondence of Agency shall be interpreted to create an employment relationship between Producer and Agency. Producer shall carry out the duties and obligations under this Agreement in a manner solely determined by Producer. Agency shall not control Producer’s time, place, or manner or work. Producer shall not represent Producer to be an employee, owner, partner, or agent of Agency. Producer shall not assert to third parties that Producer has any authority from Agency to make or execute contracts, agreements, or obligations on Agency’s behalf. Producer agrees that Producer does not own a franchise or distributorship with Agency. Agency is the sole owner of all renewal and expiration rights, policyholder and insured records, and related information associated with business generated by Producer under this Agreement.

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SECTION 3 - PRODUCER OBLIGATIONS

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3.1.         Licensing. Producer must be licensed, and Producer is solely responsible for procuring and maintaining such licenses as required by law to sell Insurance Products. If Producer’s license is restricted, limited, suspended, encumbered, or altered in any way, by Producer or by a third party, Producer must notify Agency immediately. In such an event, Agency may terminate this Agreement immediately. Producer shall also remain current at all times with any and all continuing education requirements required to maintain its license(s).

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3.2.         Taxes. As an independent contractor, Producer is solely responsible for reporting and paying any and all federal, state, and local taxes imposed or other costs arising out of this Agreement (this includes but is not limited to income taxes, payroll taxes, self-employment taxes, sales taxes, unemployment taxes, franchise taxes, and personal property taxes). Except to the extent Agency is required by law, Agency will not withhold any amount of compensation for Producer’s taxes, including, but not limited to, income tax, social security and Medicare tax, workers’ compensation taxes or costs, unemployment compensation taxes or costs, or any other tax, cost, fee, or charge related to Producer’s compensation for services under this Agreement.

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3.3.           Advertising Materials. Producer may not produce, use, publish, broadcast, or distribute any marketing and/or advertising materials that use or include Agency’s name or that describes, via trade name or otherwise, the Insurance Products (collectively “Advertising”), in any media without Agency’s prior express written approval. Likewise, Producer shall not use any advertising or promotional material other than those provided or approved by Agency or the insurance companies with which Agency or Producer contracts.

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3.4.           Cooperation. If a Policyholder or prospective Policyholder notifies Producer of a complaint about Producer or the Agency, Producer will immediately notify Agency. If a Policyholder or prospective Policyholder files a complaint or lawsuit against Producer or the Agency, Producer will cooperate fully with Agency in any regulatory investigation or judicial proceeding arising in connection with the Insurance Products. A “complaint” means a communication (including orally or via electronic) primarily expressing a grievance, appeal, or objection to Producer, Agency, or any government authority. The provisions of this subsection shall survive the termination of this Agreement and shall remain in full force and effect.

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3.5          Miscellaneous Obligations.

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a.     Producer shall use its best efforts in the solicitation and sale of Insurance Products on behalf of Agency and will act at all times in the best interest of Agency and its customers.

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b.     Producer acknowledges that no geographical territory is exclusively assigned by Agency to Producer.

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c.     Producer agrees to comply with all international, federal, state, and local laws and regulations in conducting business under this Agreement.

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d.     Producer shall comply with all policies, procedures, rules, regulations, and guidelines of Agency and of all the insurance companies with which Agency contracts.

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e.     Should Agency change its associations with insurance companies, Producer shall transfer its appointments as directed by Agency.

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f.      During the term of this Agreement, Agency shall secure and maintain at Agency’s expense errors and omissions insurance for the benefit of the Producer for Producer’s conduct under this Agreement, in an amount suitable to Agency, and Agency shall provide a copy of the certificate of insurance upon Producer’s request.

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3.6.         Noncompetition and Nonsolicitation.

 

a.  During this Agreement and for a period of two (2) years after termination of this Agreement, Producer will not in any way, directly or indirectly, distribute, sell, offer to sell, or solicit any Policyholders for any products or services which are in the same lines as the Insurance Products to the Policyholder sold through Agency.  Consumers do have the right to request an agent sell them a policy to fit their needs which might be outside of EIA.

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b.  Producer agrees that during this Agreement and for a period of five (5) years after termination of this Agreement, Producer will not directly or indirectly interfere with, disrupt, or damage Agency’s relationship with any of its employees, or its independent contractors or solicit, encourage, or attempt to hire such persons or entities, or to encourage them to discontinue or diminish their relationships with Agency.

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c.  The parties agree that Producer’s services are special and unique, and that Producer’s level of compensation and Agency’s agreement to allow Producer access to and provide Producer with Confidential Information are partly in consideration of and conditioned upon Producer’s agreement not to compete with Agency as set forth above. Producer acknowledges that the consideration provided in this Agreement is adequate for the promises made in this section.

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d.  The noncompetition and nonsolicitation provisions of this Agreement are an essential and material part of the Agreement, by which Producer agrees it shall not use any advantages derivable from Agency’s Confidential Information in its own business or affairs, unless the same is done pursuant to a new agreement executed by all signatories to this document.

 

SECTION 4 – COMPENSATION AND FEES

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4.1.             Producer Compensation. Subject to the remaining provisions in this Part 4 below and the rules, regulations, practices, procedures, standards, instructions and training of Agency, Agency will pay commissions to Producer on Issued Business as full compensation for Producer’s services in accordance with and subject to terms outlined on Schedule A and incorporated herein by reference.  If a commission rate for a particular Insurance Product is not shown on the Producer Compensation Schedule, the commission rate shall be determined by Agency in Agency’s sole discretion. Agency may amend, in Agency’s sole discretion, the Producer Compensation Schedule(s) at any time without advance notice.

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4.2.             Payment. Agency will compensate Producer for Producer’s services under this Agreement in accordance with the terms and conditions set forth in any applicable Producer Compensation Schedule that Agency may make available from time to time. By accepting compensation from Agency, Producer agrees to comply with the terms, conditions, and policies associated with the Producer Compensation Schedule.

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4.3.             Cessation of Producer Compensation. If this Agreement is terminated pursuant to Section 6.2, and subject to all other terms of this Agreement, Agency reserves the right to cease paying any compensation under this Agreement.

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4.4.             Prohibition of Payments. Notwithstanding any other Agency obligations under this Agreement, Agency will not be required to pay any commissions or other compensation to Producer to the extent the same would be prohibited by any state or federal law or regulation.

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4.5.             Active License Requirement.  No compensation will be payable to Producer for applications submitted during any period in which Producer’s license is temporarily suspended, expired, inactive, surrendered, or in other status which is not in good standing.  The Agency may recover any compensation paid to Producer during any period in which Producer’s license is not in good standing.

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4.6              Monthly Fees.  The Agency will collect monthly fees from Producer in accordance with and subject to the terms outlined on Schedule B and incorporated herein by reference.  The Agency may amend, in Agency’s sole discretion, the monthly fee amount Schedule(s) at any time with 15 days advance notice.

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4.7               Offsets. To the extent of any indebtedness to Agency by Producer or any Downline Producer, Agency shall have the first lien against any compensation which may be due to Producer or Downline Producer by Agency or any insurance company. Producer hereby agrees that any debit for commission chargebacks from any insurance company for business upon which Producer has been paid, or for which Downline Producers have been paid, or any other obligation due from Producer to Agency, may be offset against compensation due to Producer. If not offset, all such amounts due shall be paid to Agency within thirty (30) calendar days. Agency does not waive any of its rights to pursue collection of any indebtedness owed by Producer to Agency. Producer shall reimburse Agency for any costs of collection, attorneys’ fees and expenses in connection with collection of such indebtedness.

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SECTION 5 – CONFIDENTIALITY

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5.1.             Confidential Information.  In the course of this Agreement, Producer and Agency may disclose to one another Confidential Information. Except as otherwise provided in this Agreement, the parties shall not use or disclose or permit access to the other party’s Confidential Information, without the disclosing party’s prior written permission. Each party’s Confidential Information will remain the sole and exclusive property of that party. Each party shall treat as confidential and use measures that are reasonable, and at least as protective as those it uses to safeguard the confidentiality of its own Confidential Information (but in no event less than reasonable care), to preserve the confidentiality of any and all Confidential Information that it obtains from the other party. If a party is requested to disclose the Confidential Information of the other party in connection with a legal proceeding, subpoena, investigative demand, or other similar process, then (except as otherwise provided in this Agreement) such party shall promptly notify the other party and may disclose the Confidential Information in connection with such legal proceeding, subpoena, investigative demand, or other similar process to the extent required by law.

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5.2.             Return or Destruction of Confidential Information. Upon termination or expiration of this Agreement, each party shall promptly destroy or return at the discretion of the other party all tangible materials that disclose or embody Confidential Information of the other party.

 

5.3.             Remedies. Due to the unique nature of the other party’s Confidential Information, Agency and Producer specifically acknowledge that monetary damages alone will not be an adequate remedy for the injuries and damages that would be suffered and incurred by the other party as a result of a breach of this Section.  If a party breaches or threatens to breach any provision of this Agreement in a manner jeopardizing the other party’s Confidential Information such as by unauthorized use or disclosure, the injured party shall be entitled to specific performance, injunctive relief, or other similar legal remedies to enforce the provisions of this Agreement, in addition to any other rights and remedies that may be available. The party receiving Confidential Information shall not urge, as a defense to any proceeding for such specific performance or injunctive relief, that the party disclosing Confidential Information has an adequate remedy at law.

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 SECTION 6 – GENERAL PROVISIONS

6.1.             Term. This Agreement shall continue until terminated (the “Term”).  Sections 1.1, 2.2, 3, 4, 5, 6.3, 6.4, 6.5, 6.6 and 7 survive termination of this Agreement.

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6.2.             Termination. Either party may terminate this Agreement immediately upon written notice to the other party with or without cause. This Agreement shall terminate automatically upon Producer’s unpaid Platform Fees, death, dissolution, receivership, insolvency, or bankruptcy, or upon the cessation of business by Agency. Upon termination, (1) Producer shall immediately cease solicitation of all Insurance Products; (2) shall not collect money on behalf of Agency or with respect to any of the Insurance Products; and (3) shall not hold itself out as representing Agency in any manner.

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6.3.             Unauthorized Acts. Subject to other terms of this Agreement, Producer is prohibited from engaging in any act that: (1) the Agency expressly prohibits in this Section 6.3 or (2) is not reasonably necessary for Producer to exercise Producer’s authority or to perform Producer’s duties under this Agreement. Producer is strictly prohibited from:

 

a.  Receiving any form of payment for premium due arising from the sale of an Insurance Product;

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b.  Excluding any information from or providing false information on any Insurance Product application;

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c.  Changing or offering to change any payment terms for the Insurance Products or waiving any premium or other requirement unless Agency authorizes Producer to do so;

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d.  Misrepresenting any products or services offered by the Agency or the insurance companies with which Agency contracts;

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e.  Receiving any money due or that may become due to Agency, or incurring any debt or obligation on Agency’s behalf or waiving any forfeiture;

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f.  Perpetrating any fraud or deceit, including but not limited to misapplying or embezzling funds belonging to a Policyholder or to Agency;

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g.  Withholding any funds, documents, receipts, or other belongings from the Agency after Agency has made a demand for them;

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h.  Being accused or convicted of any felony or misdemeanor involving theft, dishonesty, or moral turpitude;

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i.  Using any Advertising that refers to Agency or Agency’s Insurance Products without Agency’s prior written approval, or that is not otherwise used or issued in accordance with this Agreement;

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j.  Failing to maintain any necessary appointments from insurance companies under this Agreement; or

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k.  Failing to comply with applicable insurance laws and regulations.

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6.4 Recoupment. Producer will forfeit any compensation payable to Producer in the event of termination of this Agreement by Agency for a reason listed in Section 6.3. Agency may recover, in any way allowable by law, any compensation paid to Producer after Producer engaged in any act or omission that allows Agency to terminate this Agreement for cause, without regard to when Producer actually earned such compensation.

 

6.5 Voidance. If Producer provided any incomplete or inaccurate information on or in connection with Producer’s application, Agency may declare this Agreement void, and demand repayment of all commissions or other compensation Agency paid to Producer.

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6.6 Indemnification. Producer shall indemnify, defend, and hold harmless Agency and any of its owners, officers, directors, affiliates, agents, and employees (the "Indemnified Parties") for and from any and all losses, liabilities, damages, actions, claims, demands, settlements, judgments, and any other expenses including, but not limited to, attorneys' fees and expenses, which are asserted against, incurred, or suffered by the Indemnified Parties and which arise out of the breach by Producer of any representation, warranty, or covenant contained in this Agreement or any negligent or willful acts, errors, or omissions of Producer.

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SECTION 7 – MISCELLANEOUS

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7.1.             Amendment and Waiver. This Agreement may be modified or amended only by writing signed by Agency and Producer. The parties agree that no indulgences or acceptance of delinquent or partial payments by either party will constitute a waiver of any of the rights of the other party hereto.

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7.2.             Limitation of Liability and Damages. THE AGENCY WILL NOT HAVE ANY LIABILITY TO PRODUCER OR ANY THIRD PARTY FOR ANY INDIRECT DAMAGES, SUCH AS LOSS OF PROFITS, SALES, BUSINESS, OR DATA, OR INCIDENTAL, CONSEQUENTIAL, OR SPECIAL LOSS DAMAGES, INCLUDING EXEMPLARY AND PUNITIVE DAMAGES, OF ANY KIND OR NATURE RESULTING FROM OR ARISING OUT OF THIS AGREEMENT. THE TOTAL LIABILITY OF THE AGENCY TO PRODUCER OR ANY THIRD PARTY ARISING OUT OF THIS AGREEMENT, REGARDLESS OF WHETHER UNDER A CONTRACT, TORT, OR OTHER THEORY OF LIABILITY, FOR ANY AND ALL CLAIMS OR TYPES OF DAMAGES WILL NOT EXCEED THE TOTAL AMOUNT OF COMMISSION COMPENSATION PAID OR PAYABLE HEREUNDER TO PRODUCER DURING THE 6 MONTHS IMMEDIATELY PRECEDING THE EVENT GIVING RISE TO LIABILITY.

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7.3.             Producer represents and warrants that: (i) Producer at all times will comply with all applicable laws and regulations relating to its business; and (ii) to the best of Producer’s knowledge the information Producer provides Agency is accurate and complete.

 

7.4.             Agency makes no representations or recommendations regarding coverage choices, limits, deductibles, or

endorsements of any applicant for insurance nor does Agency warrant the suitability of any insurance or insurance policy for any person’s needs. Agency does not guarantee Producer’s satisfaction with the performance of this Agreement, nor does Agency guarantee or promise that Producer will successfully obtain quotes or policies through the use of the Agency’s services. It is Producer’s exclusive duty to assess an applicant’s needs and to make insurance coverage and related insurance recommendations.

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7.5.             Notices. All notices hereunder must be in writing, unless specified otherwise, and shall be deemed to have been duly given if delivered by email (deemed received by the first business day after it was sent) to the following addresses:

                                Agency:                                                                                          Producer:

                                                       Nathan@JoinEIA.com               Email: Producers Email

7.6.             Governing Law. This Agreement shall be governed as to performance, administration, and interpretation by the law of the State of Wisconsin. Each party to this Agreement hereby submits to the exclusive jurisdiction of the state and federal courts located in Dane County, Wisconsin, including any appellate courts therefrom for any dispute arising out of or relating to this Agreement or the breach, termination, or validity thereof.

 

7.7.             Entire Agreement. This Agreement, and any other exhibits and attachments hereto and thereto, constitutes the entire and final agreement between the parties.  All communications, either oral or in

writing, between the parties on the matters contained in this Agreement are expressly merged into and superseded by this Agreement. No provision of this Agreement may be explained, supplemented, or qualified by a prior course of dealings. In entering into this Agreement, neither party has relied on any statement, representation, warranty, or agreement of the other party except for those expressly contained in this Agreement.

 

7.8.             Force Majeure. The failure of a party to perform its obligations under this Agreement because of force majeure (including but not limited to acts of God, war, terrorist activities, and energy shortages) shall be excused and such party shall have no liability arising out of or relating to the failure of such party to so perform its obligations hereunder.

 

7.9              Severability. If any portion of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, or unenforceable, all other provisions of this Agreement shall nevertheless remain in effect. No provision of this Agreement shall be deemed dependent on any other provision unless so expressed therein.

 

7.10            Assignment Prohibited. Neither this Agreement nor any of the rights, duties, or interests under this Agreement may be assigned, delegated, or transferred by Producer without the prior express written consent of Agency. Agency may assign or otherwise transfer this Agreement or any of Agency’s rights, duties, or interests arising under this Agreement. This Agreement is for the sole and exclusive benefit of the parties and their successors and permitted assigns, and no third party is intended to or shall have any rights hereunder.

 

7.11            Counterparts and Copies. This Agreement may be signed in counterparts, each of which shall be deemed an original, with the same effect as if the signatures were upon the same instrument. This Agreement may also be executed via facsimile and/or email as a pdf document and such pdf document signatures transmitted in accordance with this section will be treated as originals for all purposes.

 

7.12            Titles and Paragraphs. The various titles of the paragraphs herein are solely for convenience and shall not be used for construing or interpreting any work, clause, paragraph or subparagraph of this Agreement.  The parties to this Agreement hereby acknowledge that they have read and understand the Agreement, and consent and agree to be bound by all of its terms. Each party further agrees that they have had an opportunity to review the Agreement with legal counsel of their choosing and understand its terms and effect.   In witness thereof, the parties have executed this Agreement as of the effective date, being the latest signature date by any of the parties below.

 

 

 

 

SCHEDULE A

PRODUCER COMPENSATION SCHEDULE

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This Producer Compensation Schedule is attached to and is made part of the Independent Producer Agreement between Producer and Agency. Capital terms not defined herein shall have the same meaning as in the Agreement.

 

a.  Any amounts or commission due to Producer may be offset against any amounts owed by Producer to Agency.  THE OBLIGATION OF AGENCY TO PAY COMMISSION ON ANY POLICY IS SUBJECT TO THE COLLECTION BY AGENCY OF SUCH COMMISSION FROM THE INSURANCE CARRIER OR MARKET(S). PRODUCER WILL NOT RECEIVE ANY COMMISSIONS FOR THE SALE OF AN INSURANCE PRODUCT IF PRODUCER DOES NOT HAVE AN ACTIVE LICENSE OR PROPER LICENSING INFORMATION IS NOT PROVIDED BY PRODUCER TO AGENCY, OR IF THE PRODUCER IS NOT APPOINTED WHERE NECESSARY BY THE APPLICABLE INSURANCE COMPANY AT THE TIME OF APPLICATION. PRODUCER AGREES TO REIMBURSE AGENCY FOR ANY COMMISSION PAID TO PRODUCER IF AGENCY DETERMINES THAT PRODUCER WAS NOT DULY LICENSED AT TIME OF SALE.

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b.  Producer shall be liable to Agency and shall pay return or unearned commissions on canceled insurance and on reductions in premium at the same rate as originally allowed to Producer and must pay such return or unearned commissions to Agency within fifteen (15) days of a request by Agency.  If an insurance policy is cancelled or the contract is surrendered, commissions paid will be charged back per the schedule set by the applicable insurance company. In the event a transaction is completely reversed and all premiums are refunded for any reason, the Agency reserves the right to charge back all compensation resulting from such transaction against the Producer.

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c.  Agency shall pay Producer the new business commission rate as provided below with respect to the first Insurance Product sold to the customer for a particular line of business (e.g. home, auto, umbrella, etc) within 5 business days of Agency receiving the commission payment from the appropriate carrier or markets. Agency shall pay Producer the renewal business commission as provided below for all subsequent Insurance Product sales for the same line of business [that insures the same risk].

 

[By way of example only, if a Producer places a homeowner’s policy for a customer with Carrier A, Producer would receive the new business commission as provided below.  If that customer then renews the coverage with Carrier A in year two, then Producer would receive the renewal business commission as provided below.  If the customer then switches their homeowner’s policy to Carrier B in year 3, the Producer would still receive the renewal business commission.  Finally, if in year 4, the customer purchases a vacation home and Producer sells an additional homeowner’s policy from Carrier B, Producer would be entitled to renewal business commission on the customer’s primary home and a new business commission with respect to the vacation home policy.]

 

No compensation shall be payable on premiums received on Insurance Products which are replacements of, or result in the termination of, any other policy or contract of an insurance company partner of Agency (i.e. internal replacements). Funds paid to Agency policyholders out of existing products or contracts and subsequently returned as premiums for newly issued products will be treated as internal replacements and such transactions shall not be eligible for compensation. Agency reserves the right to review the compensation generated on any transaction.  In the event the compensation is determined to be incorrect due to error by either party, Agency reserves the right to adjust the compensation paid.

 

 

• Unlicensed Compensation

• Bronze Compensation

• Silver Compensation

• Gold Compensation

• Platinum Compensation

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When Producer isn’t licensed, referral fees are paid per lead and amounts paid per lead are based on state laws.  Referral fees may be held and not paid until at least $30 is due to Producer.

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For purposes of this Schedule A, net premium shall be gross collected premium minus all commissions and fees owed by the carrier to any third party with respect to procurement of the Insurance Product.

No downline commissions will be payable to Producer on business from carriers where the Producer has outside appointments with said carriers in their state.  [By way of example only, if a Producer has an outside appointment with Progressive, then Producer is not eligible for downline commissions from Progressive sales].

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Producer understands and agrees to not receiving override commissions on the first $5,000 premium sold per month per Downline Level.

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SCHEDULE B

PRODUCER FEE SCHEDULE

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This Producer Fee Schedule is attached to and is made part of the Independent Producer Agreement between Producer and Agency. Capital terms not defined herein shall have the same meaning as in the Agreement.

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a.  Platform Fees.  Producer understands and agrees to the fees as described below.  The fee by plan will be debited from Producer’s bank account, debit account, or credit card for their access to the Agency’s platform.  This amount may be netted against commissions owed to Producer.

1. $30 per month fee for the Bronze plan or $300 for 12 months if paid in advance

2. $50 per month fee for the Silver plan or $500 for 12 months if paid in advance

3. $70 per month fee for the Gold plan or $700 for 12 months if paid in advance

4. $100 per month fee for the Platinum plan or $1,000 for 12 months if paid in advance

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Refund Policy - No partial or full refunds or returns are provided.

 

 

 

 

Addendum 1

States where Downline Compensation is not currently available.

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In states where Downline compensation and fees are not available as determined by Agency, Recruits, Downline Levels 1 through 6 and associated compensation shall be deemed removed from the Agreement and of no effect, including without limitation Section 2.1.c., Schedule A, Schedule B