February 22, 2012
| COMPANY PROFIT-SHARING & COMMISSIONS |
| The Ten Eyck Group conducts its business with the highest level of customer service and integrity. In an effort to keep our clients informed, we offer this disclosure describing how we are paid for our professional services. Insurance agents are paid by either the insurance company or by the party for which services are performed. Remuneration may be in the form of a commission based upon the premium paid or in the form of a fee for services performed for the customer which must be disclosed prior to engagement and agreed upon contractually. Depending upon the amount of business placed with an insurance company, an agent may also receive compensation in the form of a contingency based upon growth, loss ratio and retention. The purpose of the contingency is to reward the agent for placing certain types of business with the company, evaluating the loss potential of the account and providing continued service to the policyholder which ensures policy renewal and retention. These incentives are not guaranteed nor are they determined on an individual account basis. The revenue generated from these incentive programs averages 1% of all premiums written. An agent's duty is to place a customer's insurance with the company that best suits the customer's need at the most competitive price available. Pricing may be fixed for certain classes of business or negotiable, depending upon the insurance company's appetite. Our goal is to provide our customers with best coverage that we can negotiate at the most reasonable price. Should you have any questions relative to our compensation agreements please feel free to contact any of our staff members. Thank you for your business. Company Profit Sharing or Contingency Agreements In place as of January1, 2009 |
|
© 2009 - 2010 All Rights Reserved Ten Eyck Group www.teneyckgroup.com | info@teneyckgroup.com | (518) 464-0059
Legal Statements Contact Us Search Sitemap
