hello everyone, and welcome to another episodeof the murray group mailbag. my name is ryan hanley. i am the directorof marketing and sales here at the murray group and our mailbag feature isbasically just quick videos where we answer one question submitted byinsurance consumers to either our website, facebook page or email. and we justfigured that if one person has that question, we're going to put it intovideo and share it on youtube and on our website, because we know that there'smore people. if one person has that question, then we think that informationshould be free and easily available. so if you have more questions,be sure to check out the rest of
our mailbag episodes. today's question comes from joe, who is fromglens falls, which is about 45 minutes to an hour north of where i'm standingright now. and joe's question is, "how are insurance agents paid?"so a question i'm sure many of you have but maybe have not gotten up thegumption to ask your insurance agent. so how are insurance agents paid? there'sactually three ways that insurance agents are paid. the first would be a fee. insurance agentsin new york city can charge a fee for their services. now, i would tellyou that it's not a very common
practice, especially in the albany capitaldistrict area. not many agencies charge an additional fee for their services.if you are being charged a fee, you may want to ask your insurance agentwhy. there are specific scenarios where, if you're dealing with anaccess lines carriers, there might be a fee charged for their services,but that's only in very particular situations, and i'm sure that yourinsurance agent has explained to you what that fee is all about. the second is a commission, so this is themost standard way that insurance agents are paid. a small portion of the premiumthat you pay to the carrier
is actually paid back to the insurance agentin the form of a commission, most common way that an insurance agent ispaid. the third and final way that an insuranceagent can be paid is contingency. and contingencies are based on the individualloss ratio, so how much business an insurance agent is riding witha carrier versus how much money was actually paid out in losses. and basedon a specific contract that that insurance agent has with that specific carrier,there can be an additional contingency payment or revenue brought intothe agency. so those are the three ways that insuranceagents can get paid and like i
said, fee not real common, commissions mostcommon by far and contingencies is really on a case-by-case basis but joe,hope that answers your question. if you have any more questions, if you haveyour own question that you'd like to submit to the murray group mailbagto be answered on a future episode, you can either leave it in the commentsbelow this video or you can visit our facebook page at... just searchmurray group on facebook or you can email us at insurance@murraygrp.com.that's insurance@murraygrp.com, and submit your questionfor the murray group mailbag and i'll be sure to make sure thati answer it on a future episode.
thank you and have a great day.
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