An insurance distribution system that relies on the use of an insurer’s salaried sales representatives to sell and service all types of insurance and annuity products. It is typically used to build an agency with a broader base of products than those typically promoted by commissioned sales representatives.
Salaried Sales AgentsIn the insurance industry, these sales representatives are actual employees of the insurer and their compensation is typically a combination of a base salary plus commission. Salaried sales agents may work independently or they may work with other agents. They may make direct sales or they may promote the insurer's product by pitching sales to middlemen. They may also be known as salaried sales representatives.
SalariedThis is the compensation which is received by an employee on a weekly, bi-weekly, semi-monthly, monthly or yearly basis as opposed to an hourly pay scale that can produce a different total each pay period due to variable hours and overtime. Typically, the term "salaried" applies to employees of higher levels with non-repetitive jobs that may be exempt from the Fair Labor Standards Act (FLSA) overtime provisions due to specific executive, professional, administrative or sales content.
National Compensation Forecast January 2024
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Common Compensation Terms and Formulas