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LIC Agent Terms of Service

1. Eligibility and Appointment

  1. Age and Education: Must be at least 18 years old and have completed the necessary education, typically a high school diploma or equivalent.
  2. Training and Examination: Successful completion of pre-licensing training and passing the required examination.
  3. Appointment: Official appointment as an LIC agent upon successful completion of the training and examination.

2. Code of Conduct

  1. Professionalism: Maintain the highest standards of professional conduct and integrity.
  2. Client Interests: Prioritize clients' interests and provide them with accurate and clear information.
  3. Compliance: Adhere to all regulatory requirements and guidelines set by LIC.

3. Commission Structure

  1. Commission Rates: Commissions are based on the policies sold and vary depending on the product.
  2. Payment Schedule: Commissions are paid according to LIC’s payment schedule, which may be monthly or as specified in the agent’s agreement.
  3. Adjustments: Any adjustments or deductions from the commission will be communicated and justified.

4. Termination of Appointment

  1. Voluntary Termination: Agents may terminate their appointment by providing written notice to LIC.
  2. Involuntary Termination: LIC reserves the right to terminate an agent’s appointment for non-compliance with policies, unethical conduct, or other reasons as specified in the agreement.
  3. Post-Termination: Any pending commissions or dues will be settled as per the terms outlined in the appointment agreement.

5. Confidentiality and Data Protection

  1. Confidential Information: Agents must keep all client and company information confidential and secure.
  2. Data Protection: Adhere to data protection laws and LIC’s policies regarding the handling and storage of personal information.

6. Amendments

  1. Policy Changes: LIC may update or amend the terms of service, and agents will be notified of such changes.
  2. Acceptance: Continued engagement with LIC implies acceptance of the updated terms.