Definition of "First year commission"

Darlene King-Jennings real estate agent

Written by

Darlene King-Jenningselite badge icon

King Realty Inc

Percentage of first year's premium paid to compensate an insurance agent. This is known as the "First Years" to show how much new business the agent is generating, compared with renewal commissions generated by previous business.

image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Insurance Terms

Section of the insurance company that administers claims for the losses incurred by the insured. ...

Allocation of monetary resources to equities. ...

Procedure under which the ceding company (the primary or fronting company) cedes the risk it has underwritten to its reinsurer with the ceding company retaining none or a very small portion ...

Form of cash refund annuity used by contributory pension or employee benefit plans. When employee participants die before receiving all of their contributions in the form of retirement ...

Estimate of maximum dollar value that can be lost under realistic situations. For example, a fire or other peril occurs, but a sprinkler system works and a fire department responds in good ...

Factor considered in determining amount of life insurance to purchase in order that funds will be available to pay the emergency expenses following the death of a family member. ...

Highest price investor is willing to pay for a stock or mutual fund unit and lowest price a seller of a stock or mutual fund is willing to accept. ...

Written contract between an insured and an insurance company stating the obligations and responsibilities of each party. ...

Individual in charge of an insurance company agency. The manager is an employee of the company and is usually compensated on a salary-and-bonus basis, the latter relating to premium volume ...

Popular Insurance Questions