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sales representative criteria

sales representative of state life this contract is issued on the basis of statement and declaration made by agent in his /her application

sales Representative
sales Representative

sales representative of state life insurance

sales representative of state life this contract is issued on the basis of statement and declaration made by agent in his /her application

Is being a sales rep a good job?

in response  to your application to state life insurance Representative of Pakistan (the corporation) for registration as a sales representative (SR) we have pleasure in confirming your registration and hereby appointing u as a sales representative (SR) of the corporation within Pakistan under this contract with a legal status of ‘STATE LIFE AGENT’

sales representative job

which mean an agent whose name appears on the register of agents maintain by the corporation to act as Agent (as distinct from an employee under state life employee(service) regulation ,1973) the effective  date of this contract shall be the effective date of your registration.

Your appointment is subject to the following term and condition.  

What qualities make a good sales rep?

insurance agent licence requirements                                               

1-this appointment is subject to the provisions of the insurance ordinance,2000,insurance rules,2002 and securities & exchange commission (insurance)rules 2002,as amended from time to time and other rules and regulation framed /to be framed by the Government and securities& Exchange  commission of Pakistan and orders and directives issued by the corporation from time to time.

sales representative of state life insurance

2-your area of operation will be——– but this is assigned to you exclusively.

3-A-this contract is issued on the basis of the statement and declaration made by you in your application

 sales representative job description

For registration .in particular and without prejudice to the generality of the forgoing it is inter alia based on your statement that you are and shall remain a bona fide agent of the corporation ,which means you are genuinely and actively engaged in procuring insurance business for the corporation .further ,you fully meet all requirement of insurance laws, and comply with all requirements of the corporation .

EXPLANATION-the onus of providing that you are a bona fide field worker shall be on you. In case of doubt as to whether you are bona fide or not, the corporation’s   decision shall be final and binding on you and all concerned.

b­) you will have to appear in person for such course(s) and/ or test (s) and/ 0r interview(s) as and when required by the corporation. Failure to appear for course (s) and / or test (s) and interviews shall be construed as an admission on your part that you are not bona fide agent.

c)you will not be permitted to delegate to any person your work as sales representative  or to apply any person for the purpose of carrying out your business as a sales representative.

sales representative of state life insurance

EXPLANATION: employment by you of any person to carry our clerical duties as a typist, driver, messenger, office cleaner  or similar work shall not be deemed to constitute employment for the purpose of carrying out your business  as  sales representative.

sales representative of state life insurance

D)  Your minimum qualification for entering into agency contract shall be matriculate or secondary school certificate and you shall be required to complete foundation course of three months duration, to be organized by the corporation. Failure to complete the foundation course will make your appointment liable to termination without giving any notice.

4- You will conform and comply with such rules, orders and instructions as may be issued by the corporation from time to time.

5- Your quota will be produce in every  calendar year at least the minimum First year premium  income and second year persistency as prescribed in the attached annexure, which is an integral part of this contract.

sales representative of state life insurance

If this appointment is made in a month other than January, then the quota in the year of appointment will be reduced proportionately and second year persistency requirement shall not apply in the year of appointment.

Provided that for the purpose of determining whether the productivity bonus and / or the additional productivity bonus described in the annexure are payable, the full Annual FYP Quota described in the annexure shall be taken into account, and not the proportionately reduced quota.

6- Your performance will be reviewed on quarterly basis. After your appointment, if you fail to complete your quarterly quota in two consecutive  complete quarters, the Corporation reserves the right to terminate this contract.

7- As full compensations for your service of any kind, the corporation agrees to pay and you agree to receive during the currency of the appointment, commission on the premium received by the corporation on policies sold by you, at the rates laid down in the attached annexure The Corporation  reserves  the right to amend the rates as and when necessary.

sales representative of state life insurance

Provided the commission on the premium received by the corporation on policy of insurance taken out by you on your own life shall be payable only after you satisfy the following conditions;

  1. You must have secured policies on six different lives excluding your own.
  2. You must have been an insurance agent continuously from the time of your soliciting or procuring the first policy on each of such six lives or proposing  for the policy on your own life whichever is earlier till the same when the policies on those six lives and the policy on your own life have all been issued.

8- commission on policies not provided in the annexure or on policies/ riders of any special terms will be paid at the rates that may from time to time be fixed by the corporation.

9-no commission  will be payable on any premium advanced by the corporation under the automatic Non for feature scheme or recovered by the corporation from any maturity, death , survival or any other policy benefits whatsoever .Renewal commission as provided in the annexure will however be paid to you if the policy holder subsequently pays to the corporation the amount of premium advanced under the automatic Non-forfeiture scheme.

10-when a proposal is introduced by you does not result into a policy within six month after being accepted at ordinary rates on the plan proposed , the entire cost of medical examination report and other expenditure incurred by the corporation  shall be come recoverable form you.

11-if for any reason whatsoever the corporation has to refund or readjust the whole or part of premium on which commission has already been paid to you, you shall refund to the corporation the commission paid thereon.

12-if a policy (ies) has been surrendered , or converted into paid up policy (ies)(under Automatic Non-forfeiture scheme otherwise)within a period of six month before and after the date of issuance of new policy(ies) on the same life , commission on the new policy (ies) will be paid only in respect of that amount of first year  premium as exceed the amount of first year premium of the policy (ies) so surrendered, paid-up etc.

13-the corporation shall have the right to set to set off against ant commission due to you and adjust there-from the amount of any dubit, obligation misappropriation/ wrong appropriation of premium or liability  due or owing from you to the corporation.

14-you are not authorized to collect premium or any other money whatsoever on behalf of the corporation or bind the corporation in any way, or issue any receipt, acknowledgement or discharge or waive any requirement on the behalf of corporation . if despite you lack of authorized from corporation, you receive any premium or other money from a policy holder or intending policy holder in relation to the contract of insurance and fail to duly pay it in to the corporation, then under rules 25 of the securities & Exchange commission (insurance) rules, 2002, read the sections 405 and 409 of the Pakistan penal code, you shall be disqualified from engaging into the business of insurance agency for a period of five years and may become liable to criminal prosecution for breach  of trust. This offence is punishable with imprisonment up to 10 years and fine.

15- You shall not advertise or circularize on behalf of the corporation any material or information in any manner whatsoever, without first obtaining written approval of the Corporation.

16- (a)  you will be required to submit a statement and Declaration on the prescribed form  at the time of your appointment and at the intervals of not more than twelve months thereafter in compliance with sub-section (2) of section 98 of Insurance Ordinance, 2000 read with section 12 of Insurance Rules, 2002.

(b)  you will be required to apply for renewal of your Registration for a period of twenty four months from the date of expiry of registration to act as State Life Agent. The prescribed application  from  for renewal of registration can be filed within one month earlier and not later than [three months] [see note- 1] from the date of expiry of registration.

17-   your name will be struck off from register of agents and this appointment shall terminate ipso-facto if;

  1. You become disqualified to act as a ”State Life Agent “ for any reason .
  2. You fail to make  the statement and Declaration to the corporation  as provided in clause 16 (a) above.
  3. You fail to renew your registration  with the corporation within [90] [see note-2] days from the date of expiry of your registration, as provided in clause 16 (b) above.
  4.  You become director of any life insurance company.
  5. After proper enquiry, you are found guilty of:
  6. Criminal misappropriation, criminal breach of trust, cheating or forgery
  7. Fraud
  8. You are declared insolvent by a Court of Law.

18- this appointment shall be liable to termination by the corporation with giving notice, if;

  1. You fail to complete the required quota as prescribed by the corporation.
  2. Your second year persistency ratio is less than the ratio prescribed by the corporation in the annexure.
  3. You fail to pass  within specified time limit (s) any training course(s) prescribed by th corporation.
  4. You fail to appear in course(s) and /or test(s) and / or interview(s) as and when called by the corporation.
  5. You are found working  directly or indirectly for any other insurer transacting life insurance business.
  6. In the opinion of the corporation you acted in a manner prejudicial to its interest  or to the interest of its policyholder
  7. 19-this appointment can also be terminate can also be terminate by either party by giving one month’s notice in writing to the effect to the other party .thereupon your name shall be struck off from the register of the agents and the payment of the commission shall be cease subject to any exceptions as may be prescribed by the corporation from time to time.

20-on your death before retirement (ALLAH forbid) on the corporation ‘s register, or on death after you retire under para 21 below, commissions that you would have been alive may be paid to your nominee.

For this purpose, a valid nominaton made by you should be on the record of the corporation.

The nominee  shall not be a person other than the following relatives of yourself , namely a spouse, father, mother brother, sister and son or daughter, including a step or adopted child.

                The nominee  shall be an adult at the date of nomination.

                You may change your nominee at any time by depositing a fresh nomination with corporation.

                Payment by the corporation to a nominee on record shall constitute complete discharge to the corporation.

Provided  that in the case of death before retirement while on the corporation’s Register, payment shall be subject to the amount payable being at least Rs.1,000 per annum.

21- a) you may apply for retirement if you have fulfilled all the following  conditions ;

  • You have reached the age of 60,and have been a successful sales representative with the corporation for the previous 10 consecutive calendar years.


 You  have not reached the age of 60 and have been a successful  sales representative  with the corporation for the previous 10 consecutive  calendar years.

2)you renewal commission in the immediate preceding calendar year in respect of third and later policy years was at least Rs 5,000.

3) you do not wish to do any more new business.

Acceptance of the application shall be at the sole and unfettered discretion of the corporation.

(b) on acceptance of your application, you will be transferred to the register of retired field workers. You will continue to draw your renewal commissions, so long as the amount remains at least Rs1, 000 per annum.

Provided  that payment of renewal commissions shall cease if in the opinion of the corporation you have started to work in any capacity whatsoever in Pakistan for another insurer doing life insurance business.

22-  In case of any doubt or dispute whatsoever arising  out of this contract or on question of interpretation  the decision of the corporation shall be final and binding.

23- the corporation shall have the right to amend the terms of this contract by giving you written notice.

24- the corporation and its sole discretion  may grant  any relaxation on any of the terms and conditions of this contract in the interest of the corporation. This may however not be taken as a right conferred on you for claming the benefit of relaxation at any time.

25-this  contract terminates and supersedes any contract or agreement that may have existed between you and this corporation or Beema units or any life insurer whose business was nationalized under president’s order No.10  of 1972.

26 – your contract  to acy as state life agent for is two years from the date hereof and is renewable  subject to your name being on the register and your continued eligibility to act as state life agent.

27- the contract is being issued  to you in duplicate. Please sign it as a token of your acceptance of the terms  and conditions of your appointment  and return it for our record.

We wish you success and prosperity in your chosen proession.

1-annual first year premium quota

With the effect from 01-01-02, annual first quota (FYP quota)for sales representative shall be “first year premium of RS 50,000/- per calendar year under at least 12 policies” the annual FYP quota for sales representative shall be automatically increased after every three years by 25% and first such increase shall be made effective from 1st January 2005,with the effect from 01.01.2005,the annual FYP quota for a sales representative shall be RS62,500/-which shall remain effective till 31.12.2017 and will again increase by 25% with the effect from 01.01.2008 and so on.

sales representative of state life insurance

Provided that:

6% of first year premium under Group insurance policies and 6% of all single premium policies including annuities and term insurance shall be counted towards annual FYP quota. Second and later  policy year 6% of premium in respect of second and later policy year shall also be counted toward the annual FYP quota.

life insurance agent commission structure:

2-secondyear persistency ratio requirement

The second year persistency ratio requirement shall be as follows:

Table 1 second policy year persistencyratio  requirements

2002 65%
2003 70%

zahid lar

hard working is key to success

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