Pay Schedules
What is Service Compensation?
It is the language in the pay schedule that states how the agent is paid for writing Auto New/Renewal business.
What is the Compensation Percentage for an AA3/4 Contract Agent for Auto - New/Assigned business?
10% for New Auto and 7% for Assigned business.
How often are agents paid by State Farm?
Twice a month on the 15th and End of Month.
What are types of agent's contracts are active currently?
AA3/4. AA97Transition, AA97 & AA05
What are the three types of NRSS?
Adjacent State, Multi-State RisK Code (MSRC) and NRSS - Financial Services
What does Personally Produced mean?
This is when the agent binds the business in office. I.E. Not bound online, mobile or through CCC Sales
Can we share compensation percentages with another agent on a different contract?
No, we cannot share contractual percentages with an agent not on that specific contract.
Double Point Opportunity - Who can we refer the agent to for this question?
When would an agent be able to see their pay statements?
3 business days prior to pay day after 7:00 PM
I-SEIT or Filenet
**DOUBLE POINTS OPPORTUNITY**
Beginning in what year did searching for an agreement move to Filenet? (Hint- Check SFA)
What is the process called when a third party calls in to let us know that an agent has passed
Death Notification - KA202638
What does Renewal Personally produced mean?
This is when the personally produced policy written by the agent renews. (6 months for Auto and 12 months for Fire)
What is the Compensation Percentage for an AA97 Contract Agent for Auto - New/Assigned business?
8% for New Auto and 7% for Assigned business.
When an agent has an Auto or Fire policy that is issued and paid on Oct 14th, in which pay period would that show in Control D?
End of October's Control D Reports
Where can you find how many miles from an agent office can policyholders be before they are moved to another agent?
In their Contract - Section I - Mutual Conditions and Duties
AA 3/4 - Letter H = 25 Mile Radius
AA97- Letter H = 75 Mile Radius
AA05 - Letter J = 75 Mile Radius
In what specific situation would an agent's code change? (Not MOA)
When the agent adds a new state to their Legacy or MOA Code - (Adjacent State)
What does Assigned Policies Mean?
These are policies not bound by the agents office directly, but through internet/mobile/ccc-sales
What is the Compensation Percentage for an AA05 Contract Agent for Auto and Fire- New/Assigned business?
8% for New Auto and Fire for both Personally Produced and Assigned business.
What is the timing for US Bank Compensation to appear in the agent's pay statements?
End of Each Month
Which AMD reduces an agent's compensation if the policy is not bound in their office? Are there any exceptions?
AMD66.3 - Yes, Existing Customers and Life Policies
What is the name of the Contractual Payment that earns the agent additional commission on top of their Contractual pay schedule percentage?
Premium Builder Payment (PBP)
What does Statistical Agent mean?
The agent who receives compensation on a policy is referred to as the stat agent. The stat agent is the agent who initially wrote the policy or received the renewal payment for the policy term.
What is the Compensation rate for a Disability Policy for a AA97 Contract agent.
40% for Writing Compensation and 10% for Service Compensation.
How does premium timing work for Auto and Fire in regard to compensation being paid in the Control D Compensation reports?
Auto and Fire premiums paid during the 1st - 15th will be paid in the end of month.
Auto and Fire premiums paid during the 16th - End of the month are paid in the 15th of the next month.
If an agent calls in and asks questions regarding what something means on their contract or where it states something, who can assist them?
Agency Administration Leader - AAL - is the only contact for contractual interpretation questions
Which Fire product pays out in 3 different levels? Is this the same for all three contract types?
Workers Compensation - No, Excluding AA05's