Understanding the commission statement

Detailed information on each section of the file.

Sections

Our commission statement has four sections: Summary, Transaction Types, Base Commissions, and Incentives.

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Summary
Overview of all the details included in the statement:

• Month the transactions belong to.
• Sum of base commissions.
• Sum of incentives.
• Sum of commissions due to Agentero (Cancellations/Endorsements)
• Total commissions: Sum of the 3 prior listed.

Transaction types
Type of transactions you can find in your statement, and their current abbreviation.

• NBS - New Business
• PCH - Policy CHange
• REI - Reinstatement
• XLC - Cancellation
• RWL - Renewal
• RIX - Reissues
• ADJ - Adjustment

Base commissions
Detailed information of all transactions that are being included in the statement:

• The agent that bound the policy.
• Policyholder's name.
• Policy number.
• Policy effective date.
• Written Premium.
• Fees and taxes (not commissionable).
• Commissionable amount.
• Commission schedule (rate).
• Total commission amount = Commissionable amount times the rate.

Incentives
Detailed information of all incentives that are being included in the statement:

• Producer: when the incentive is linked to one more than one policy we use the first agent on the list as the Producer.
• Bonus type: the incentive we are including in the statement.
• Bonus amount: total incentive.