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| Life Markets |
Important notice regarding chargeback guidelines
Effective June 13, 2022, we updated our chargeback guidelines by eliminating chargebacks on earned commission on all existing and future SimpliNow Legacy® SIWL life insurance policies (level and graded death benefits). This enhancement replaced our previous guideline of chargebacks on all commission (earned and unearned) in the event of policy lapse, surrender or death of the insured. Any chargebacks which occurred prior to this change will not be refunded.
For example, if you place a SimpliNow Legacy policy, and you’re on a nine-month commission advance—if the policy lapses in two months, you’ll only have to pay back seven months of commission to AIG. You’ll retain two months of earned commission.
There is nothing you need to do or submit to our L&C team to accept this update. There was no change to GIWL product chargeback guidelines. |
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