GLOSSARY OF TERMS
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CHARGEBACK
The amount of money paid to you that is “taken back” or negatively reflected on your account when a client cancels a policy in less than 9 months
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COACHABLE
Being a team player who listens and learns from their Upline to make money and close business
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COMMISSION
The % of pay you receive based on the annual cost of life insurance for a client over 12 months (ex: Annual Cost of Life Insurance of $1000 with $83 monthly cost = $700 commission as a Licensed Regional Leaders @ a rate of 70%)
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HIERARCHY
The organization you are a part of: Lee Legacy Leaders Inc.
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HOME OFFICE
The headquarters of Primerica is located in Duluth, GA. They support us with administrative help, underwriting, policy delivery, etc.
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IBA
Independent Business Application is the document your Upline completes to onboard you into the business
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INSURANCE AGENT
A person who has passed life insurance exam and can sell Primerica Life Insurance
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INSURANCE COMPANY
National Benefit Life Insurance Company https://www.nationalbenefitlife.com/
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INVESTMENT BROKER
A person who is Investment Licensed and can sell many different investment products best suited for a client. (ex: we sell Fidelity & Lincoln Financial packages)
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LIFE INSURANCE QUOTE
The estimate you give a client based on Age, Smoking/Non-smoking, and state of residence
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MyPRIMERICA
The website to view policy and investment information: myprimerica.com
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OVERRIDE
The amount of money you make when someone you recruit closes a policy. (ex: YOU recruit Jane Jones and she closes a policy for $500, as a Licensed Rep she makes $125.00, as her Regional Leader YOU make $262.50 ).
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POL
The software you use to run your business
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PREMIUM
The annual cost of life insurance for a client over 12 months
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PRIMERICA
The name of the Brokerage for your Life Insurance & Investment Needs
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PROMOTION
Growing in income level whenever you hit a business milestone
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QBI
Quality of Business is the % of business you close that stays on the books for a minimum of 9 months (QBI Monthly minimum 80%)
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SOLUTION NUMBER
The code you are assigned to access your system and get paid in the company
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UCanPass
Life Insurance Licensing Exam material: https://www-ucanpass.examfx.com/
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UPLINE
The Regional Vice Presidents of your team, Jordan & Daja Lee
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1099
Independent Contractor Tax Form you receive for the income you make with the company (NO TAXES ARE TAKEN OUT OF THIS INCOME DURING THE YEAR YOU MUST PAY YOUR TAXES ON YOUR OWN)