Commission

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Definition:

The commission is the incentive that the insurance agents or the sales representative receive after selling the insurance policy, be it life or non-life.

Description:

The commission is paid as a percentage of the premium under the insurance policies. Paying commission is like paying rewards to the agents who made efforts to convert the sales.

The commission is paid only once a year, when the premium is paid annually.

The commission under the policy depends on two factors that include:

Type of the policy
Term of the policy

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