First Year Commission
Definition of "First year commission"
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.
Popular Insurance Terms
Interest of a beneficiary in the proceeds of a survivorship annuity. ...
Life insurance policy under which all premiums have already been paid, with no further premium payment due. ...
Policy clause that excludes coverage for loss of property if the cause of the loss cannot be identified. Mysterious disappearance is an exclusion in a standard inland marine insurance ...
Coverage for dispensers of alcoholic beverages against suits arising out of bodily injury and/or property damage caused by its customers to a third party. Establishments covered include ...
Person (the transferee to whom the property is transferred) who is at least two generations younger than the person (the transferor) who is transferring the property. This type of property ...
Exceptions and limitations of coverage; that is, the maximum amount of insurance coverage available under a policy. ...
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Method of determining whether or not coverage is available for a specific claim. If a claim arises out of an event during the period when a policy is in force, the insurance company is ...
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