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United American Commissions Dolores Skarjune Vice President Sales Administration

United American Commissions Dolores Skarjune Vice President Sales Administration. TMK1536 0510. Overview. Key Contacts Minimum Standards Commission Cycle Conversion Rules Tax Reporting. UA Commission Accounting Team. UA Commission Accounting.

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United American Commissions Dolores Skarjune Vice President Sales Administration

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  1. United American Commissions Dolores Skarjune Vice President Sales Administration TMK1536 0510

  2. Overview Key Contacts Minimum Standards Commission Cycle Conversion Rules Tax Reporting

  3. UA Commission Accounting Team

  4. UA Commission Accounting Branch Managers with questions regarding United American’s commissions or bonuses should e-mail Customer Service : UABranchCommission@torchmarkcorp.com

  5. Minimum Standards • DCN Rate must be 20% or lower • Quality of Business Rate must be 56% or greater • Minimum annual premium issued on 13-week average • Agent $660 • UM $2,000 • BM $4,000 • Must issue one net policy every eight weeks Failure to meet any of these minimum standards may result in termination

  6. UA Commissions Payment Overview Process • New Business Advance Commissions are disbursed twice a week • Tuesday – Branch and Worksite • Friday – Branch only

  7. UA Commissions Payment Overview Process • Monthly Renewal Commissions • Checks are mailed from the Home Office on or by the 7th of each month for both Branch and Worksite • Agent statements are available on UAOnline

  8. UA Commissions Payment Overview Process • If the 7th falls on a Tuesday or Friday, checks will be sent via priority (Branch Pouch) USPS mail • If the 7th falls on any day other than Tuesday or Friday, checks will be sent via 1st Class Mail USPS

  9. UA Commissions Payment Overview Process • Please allow 10 business days (including Saturday) to pass prior to calling the Home Office to request a stop payment and reissue

  10. UA Commission Payment Calendar Example 1

  11. UA Commission Payment Calendar Example 1 • Tuesday: Advance Commissions paid for Applications received on Wednesday after 1:30pm until Friday 1:30pm of previous week – Branch & Worksite • Friday: Advance Commissions paid for Applications received on the previous Friday after 1:30pm until Wednesday of the current week at 1:30pm– Branch

  12. UA Agent Commission Statements • Branch Managers receive advance and renewal commissions on personal production as well as overrides on their writing Agent’s production.

  13. UA Commission Worksite Process • If an application is submitted without any premium, 50% of the advance commission payable will be paid when the application is submitted. • When the outstanding premium due is received, the remaining 50% of the advance commission payable will be paid to the agent and associated parties on the next commission advance payment cycle date.

  14. UA Debit Balance Advance Schedule

  15. UA Policy Conversion Rules • When a Branch Agent converts a health policy from (*Doesn’t apply to Life policies): • An active or vested Branch Hierarchy (all three levels must be active or vested). The new Agent will receive any applicable new business commissions if there is an increase in premium. • *Medicare Supplement – new business commission will not be paid. This includes policies converted that have an increase in premium.

  16. UA Policy Conversion Rules • When a Branch Agent converts a health policy from: • A terminated Branch Agent. The Agent, Unit Manager, and Branch Manger will be changed to the Home Office if any level within the original hierarchy is terminated or not vested. • An active General Agent. Commissions will go to the original General Agent and will continue to receive all applicable commissions. • A terminated General Agent. The Branch Agent becomes the agent of record and receives all commissions.

  17. UA Commission Tax Reporting • Example 1 – Branch Agent from Jan 2010 – Mar 2010: • Will receive a 1099 Misc statement from UA for earnings received from Jan 2010 – Mar 2010.

  18. UA Commission Tax Reporting • Example 2 – Branch Agent from Jan 2010 – Mar 2010; Promoted to UA Branch Manager Apr 2010 – Dec 2010: • Will receive a 1099 Misc statement from UA for earnings received from Jan 2010 – Mar 2010. • Will receive a UA W-2 for earnings received from Apr 2010 – Dec 2010.

  19. UA Commission Tax Reporting • Example 3 – Branch Agent from Jan 2010 – Mar 2010; Promoted to UA Branch Manager Apr 2010 – Sept 2010; Converts to LNL Branch Oct 2010: • Will receive a 1099 Misc statement from UA for earnings received from Jan 2010 – Mar 2010. Will also receive a UA W-2 for earnings received from Apr 2010 – Sept 2010. Additionally, the Branch Manger will receive a LNL W-2 for earnings received from Oct 2010 – Dec 2010.

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