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This question is about insurance agent salaries.
How are insurance agents paid?
Insurance agents are paid a commission on the sale of insurance plans. This commission comes out of the buyer's premium; buyers never pay insurance agents directly for their services.
Most commissions for insurance agents are between 2% and 8% of the insurance plan's premium. This also depends on particular state regulations regarding this issue.
The primary way an insurance agent makes money is from commissions and fees earned on sold insurance policies. These commissions are usually a percentage of the policy's total yearly premium.
An insurance premium is the amount of money an individual client, company, or group pays an insurance provider for a specific insurance plan and policy.
Some insurance agents might also receive compensation in the form of an annual salary; however, many still rely on larger earnings from their commissions on insurance plan sales.
Insurance agents work in many different insurance industries, such as health insurance, life insurance, automotive insurance, home insurance, and annuities.
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