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GLOSSARY
Indemnity initial commission definition
Published by a LexisNexis Pensions expert
What does Indemnity initial commission mean?
The initial commission on a regular premium contract is earned and paid evenly over the earnings period.
Alternatively, a discounted value of the initial commission can be paid up front when the policy issues. In the event that the premiums are not maintained throughout the earnings period, the amount of the unearned initial commission will be clawed back.
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