Business, Legal & Accounting Glossary
A commission paid to an agent or broker on business sold by subagents in his or her territory. This term can also refer to an amount paid to a ceding company in addition to the acquisition cost to compensate for overhead expenses.
In insurance, an overriding commission is a commission paid by an insurer to an agent or managing general agent for premium volume produced by other agents in a given geographic territory. In reinsurance, it is a commission paid to an intermediary in return for placing a retrocession of reinsurance.
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This glossary post was last updated: 19th January, 2020 | 0 Views.