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Referral Agreement For Insurance

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Fifth, the parties should consider the possibility of including reciprocal non-counterfeiting and non-knowledge agreements in the document in order to protect workers from invitation and to limit exposure to loss of activities to the other party after the end of the agreement. The benefits of a written referral agreement are simple. For the insurance agency, the main benefit of a well-developed recommendation agreement is to require the source of the recommendation to make appropriate efforts throughout its organization to guide possible referrals to the Agency. An agreement can provide the insurance agency with a new, sustainable and consistent source of transfers. 5. These recommendation conditions begin from the date: the company confirms the recommendation partner`s participation as a referral partner in an email containing the recommendation partner`s unique recommendation link and continues until the previous date (a) of termination by one of the parties who received a 7-day written notification (including e-mail) or b) immediately after notification to the recommendation partner , if the recommendation partner contains the terms of these recommendation conditions or applicable legislation or regulations. In the event of termination in accordance with this section 5 (a), the Recommendation Partner`s Recommendation Link remains active for 5 business days (and the recommendation partner has the right to obtain a referral fee for offers generated from such a referral link), after that period, the referral partner is not entitled to an additional referral fee. , whether or not such a Lead requests an offer of the recommendation link from the referral partner. Third, the agreement should also clearly specify the date of payment of commissions to the source of referral.

The agreement could require payment to be monthly, quarterly or annual. Finally, any referral agreement should include a confidentiality provision. These provisions may be intended for several purposes, but the main advantage of a confidentiality provision is to offer each party the comfort of not disclosing confidential information such as commission data and basic information or client lists to third parties, both for a period after the end of the contract. This is particularly valuable if relations between the parties will one day sour. However, you can also limit your potential transfer income by forging an exclusive relationship. You may be able to prevent yourself from contacting other insurance agents. This is a business decision that you must negotiate with the insurance broker. These terms of reference (“recommendation conditions”) define the legally binding conditions for the transfer of potential insurance customers to Kin Insurance, Inc. (the “company,” “we,” “our” or “our”) by you (“you” or “recommendation partners”) under the terms of this section. If you are a licensed insurance broker, please contact us for our insurance brokerage referral contract.

When we talk about a “recommendation agreement,” we are talking about an agreement whereby a referral source agrees to transfer to an insurance agency in exchange for sharing agency commissions.