Renewal Commission
Definition of "Renewal commission"
Commission paid to an agent after the first year commission has been paid to that agent. Renewal commissions generally form a substantial portion of an agent's income after four years in the business and serve as an important incentive for him or her to make every effort to keep the policies on an in-force business status.
Popular Insurance Terms
Present value computation of the accrued or projected benefits of a retirement plan. This computation is known as the actuarial valuation because it is based on probability (retirement ...
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Total earned premiums minus total expenses and losses paid of the insurance company. ...
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