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Advance
-available
to all agents
8
Months Advance on Verification of Issue and Delivery of the Policy; Delivery
Receipt Required
Advance
Capped at $500.00 per placed policy
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Each
new hire is immediately 100% vested, and is eligible for 8 months Advance on
ISSUE of a policy that is set up as a Monthly Bank or Credit Card Draft. Any
other payment mode will be paid as EARNED. Once the policy has been issued
and delivered, the agent can fax or mail a completed Delivery Receipt to AFC and
receive 8 months Advance upon verification of the policy delivery with the
policyholder. If the policy has not been delivered, the case in question will be
paid as EARNED. Delivery Receipts must be submitted no later than 9 a.m. EST on
Tuesday morning for same-week verification and advance. Eligible Agent must
be submitting at least one app every 30 days.
First
Level Submit Advance
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available to agents who have 15 cases paying out monthly or who have 25 active
applications
5
Months Advance on Submit
5
Months Advance on Verification of Issue and Delivery of the Policy; Delivery
Receipt Required
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Advance
Capped at $500.00 per placed policy. If an agent has 15 policies paying
out in any given month based on cumulative AFC Month-End commission statements,
or has submitted 25 applications based on cumulative Weekly Production reports,
he/she may fax a written request to AFC for First Level Submit Advance as
described below. Five months will be advanced on submit, and five months will be
advanced on verified issue and delivery as described above. Eligible Agent must
be submitting at least one app every 30 days.
Second
Level Submit Advance
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available to agents who have 30 cases paying out monthly or who have 50 active
applications
6
Months Advance on Submit
6
Months Advance on Verification of Issue and Delivery of the Policy; Delivery
Receipt Required
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Advance
Capped at $1000.00 per placed policy. If an agent has 30 policies paying
out in any given month based on cumulative AFC Month-End commission statements,
or has submitted 50 applications based on cumulative Weekly Production reports,
he/she may fax a written request to AFC for Second Level Submit Advance as
described below. Six months will be advanced on submit, and six months will be
advanced on verified issue and delivery as described above. Eligible Agent must
be submitting at least one app every 30 days.
*****
All Advances are subject to the 1 new app every 30 days requirement in order to
maintain advance eligibility. Review AFC Guidelines for more details or
contact your manager immediately.
How
to Get to the Next Advance Level and Submit Advances Explained. . .
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Any
agent who is eligible for Advance on Submit must make a written request to AFC
for Approval by the last Friday of the Month in order to be qualified for
Advance on Submit beginning the first new business date of the following month.
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Any
request from an Agent to change his/her advance status must be submitted in
writing to AFC. (e.g., changing from Advance to Earned basis)
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For
all Submit Advances, the second half of the Advance is determined by the
difference between quoted premium and issued monthly premium. If your
issued premium is different than the submitted premium, differences will be made
up when you are advanced the second half on Issue.
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All
Advances are subject to the AFC Agent Agreement as it pertains to production
requirements for all contracted writing agents. The production requirement for
continued eligibility for an agent to receive any advance is that the agent must
have submitted one application, other than the case for which Advance is
requested, within 30 days of the request.
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