Firms
This firm account for roughly 80% of calls received by the Life New Business team.
What is WFG (World Financial Group/Transamerica)?
For WFG callers, this should be requested first before moving through the rest of the security check.
What is the policy number?
This accounts for changes to the policy that differ from the original application, what we consider material changes.
What is a policy amendment?
This is the percentage of commissions WFG agents may receive up front when the policy qualifies for advanced commissions.
What is 40%?
WFG advanced commissions may be charged back when 120 days elapse without the policy being placed in force, when the policy is declined, or when this occurs?
This type of insurance intermediary supports both insurance agents and insurance carriers and often has in-house case managers or case contacts.
What is BGA (Brokerage General Agency)?
A BGA caller must provide the policy number, producers name, firm, insured or owner name, and this final contact detail?
What is a callback number?
An amendment is created when this kind of change is made to an application.
What is a material change?
The remaining percentage of commissions is paid when the policy is issued In Force - Complete and the signed Policy Delivery Receipt is returned/reviewed.
What is 60%?
An agent generally has this many days from the New Business Review to submit corrections and remain eligible for advanced commissions.
What are 5 business days?
In Nationwide's system, this abbreviation identifies a Nationwide Exclusive Agent.
What is NFN?
For an Independent or NFN case, the security check includes the writing agents name, the last 4 of the agents SSN, the name of insured or policy owner, and this contact detail.
What is a callback number?
If a signed amendment is already on file and another change is submitted before the policy is issued, the new amendment must include these items.
What are the original change(s) and the new change(s)?
This acronym means the application is wholly complete with no outstanding forms or corrections.
What is IGO (In Good Order)?
When commissions are not advanced, the reason should be documented here and may also appear in the Welcome Letter.
What are the Case Notes?
WFG/Transamerica cases can be identified in Salesforce by the firm title and this unique identifier assigned to each agent.
What is the agents five-digit WFG agent ID?
Whether the caller is an agent, case manager, or case contact, this must be completed before information can be discussed.
What is the security check?
An application is submitted at Preferred but approved at Table B. In this situation, this will will be amended.
What is the rate class?
These 3 items must come together for advanced commissions: TIA must be bound, the health question must be answered "No", and this must occur successfully.
What is the premium being drafted?
For a first time agent, this team verifies appointment status and may conduct a background check before commissions can be advanced.
What is the Licensing team?
WFG requires this document to be signed for every policy issued, once it's returned, final commissions can be released.
What is the Policy Delivery Receipt (PDR)?
WFG may identify their firm as either WFG or this related firm in Salesforce or TPP.
What is Transamerica?
Name any 3 uncommon reasons an amendment may be generated.
What are: Total Line, knowledge of certain medical facts, tobacco status change, "signed at" state, or a Good Health statement?
Based on age alone, a client qualified for advanced commissions if the insured is not under 15 days old and not over this age.
What is 70?
If an agent requests an amendment through DocuSign, the representative should submit this to the Case Manager and check whether documents need signatures at the same time.
What is a Work Item (Action Item)?