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    « Health Care Reform Primer: Wellness Programs | Main | Health Care Reform Primer: Wellness Programs, Non-Discrimination »

    January 24, 2011

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    Auto Insurance

    Yes the survivor will get the commission after the death of the insurance producer. Good answer.

    Dar Novak

    Tim, Everyone should have his or her affairs in order because one never knows..... I worked for a small agency and the owner had no continuation plan in place - much less a corporation owned life policy that would have given me or the corporation the funds to buy out the other stockholders when he passed away in the late 70s. I had kept after him to at least let me take out the policy on him but he refused. Upon his death it was (to say the least) nasty and depressing. A 'forced sale' was extremely unpleasant and nobody received significant worth. A sad tale.

    Tim Dodge

    Dar,
    The best illustration is always provided by someone who's been there. Thanks for sharing your story.

    Bill Collins

    My agency is incorporated and I and I own all of the voting stock. The Corporation would pass to my heirs according to my will. All agency staff are fully licensed but none of them are licensed on the agency license,rather they are licensed with companies. I hold both a Pc license and a brokers license.

    I assume the Corporation can continue to operate at my passing and receive commissions. My wife, if she succeeds me should be able to be employed by the agency and receive a salary. Any comment on the above would be appreciated. Three of my son's are attorney's I could ask them and I will but would be interested in your opinion

    Tim Dodge

    Bill,
    Under New York law, your survivors can receive commissions from renewals of policies you sold while you were alive and licensed. They would not be able to receive commissions on related new business (additional policies sold to those clients) unless they hold licenses. To be a sublicensee on a corporate license, the person must be either a director or an officer of the corporation. If your wife or one of the employees was to succeed you as president of the corporation, that person could be come a sublicensee. A corporation can list more than one sublicensee, so it's not an either/or proposition.

    Please let me know if you need more information.

    Sandy

    Can commissions be collected and distributed to heirs of an agent that died 30 years ago? My fathers will and subsequent trust stated that his rights to commissions were to be sent to the trust. It seems the trust dropped the ball and never followed through in collecting the commissions. Any insight or ideas on next steps would be much appreciated. Thanks.

    MIA Insurance

    Followup to prior query about surviving agent receiving deceased agent unclaimed commissions: It should be noted that the deceased agents death certificate was provided to remaining agent after resident state determined and acknowledged the surviving agent had a viable relationship to the deceased agent.

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