So I have a friend who works for a large local banking institution & he does commercial lending. He specifically told me that if he refers business to their insurance division, he gets a cut of the revenues.
How could this be legal if he doesn't have an insurance license? We all know the banks are doing this & he specifically said it's based off "total revenues" but if that's coming from the sale of insurance products in certain situations, how the hell is that OK?
Meanwhile us retail agents have to watch out backs & never give money contingent upon a sale.
Source of insurance-forums.net
How could this be legal if he doesn't have an insurance license? We all know the banks are doing this & he specifically said it's based off "total revenues" but if that's coming from the sale of insurance products in certain situations, how the hell is that OK?
Meanwhile us retail agents have to watch out backs & never give money contingent upon a sale.
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