What is an overriding commission?
Overriding Commission — in insurance, a commission paid by an insurer to an agent or managing general agent for premium volume produced by other agents in a given geographic territory. In reinsurance, a commission paid to an intermediary in return for placing a retrocession of reinsurance.
What do you mean by overriding?
to prevail or have dominance over; have final authority or say over; overrule: to override one’s advisers. to disregard, set aside, or nullify; countermand: to override the board’s veto. to take precedence over; preempt or supersede: to override any other considerations.
What does override fee mean?
An “override” (also sometimes called an overwrite) is a commission paid on the sales someone else makes. For example, you may have a sales person with a 5% commission (earns 5% of the sales value of whatever they sell).
What is the best definition of override?
Definition of override (Entry 1 of 2) transitive verb. 1 : to ride over or across : trample overrode the thin line of defenders. 2 : to ride (an animal, such as a horse) too much or too hard. 3a : to prevail over : dominate panic overrode everything else— Marcia Davenport.
Who receives an override commission?
An override commission is a commission that a sales representative earns when another employee makes a sale. Typically, employees such as managers earn override commissions when sales reps that they manage make their own sales.
What is an override agreement?
Corporate Override Agreement — an arrangement between an entity or corporation (usually large) and an auto rental company for employees of the corporation to use the rental company for all or most of its corporate needs in exchange for certain concessions in rental contract provisions.
What is overriding give example?
Overriding is done so that a child class can give its own implementation to a method which is already provided by the parent class. In this case the method in parent class is called overridden method and the method in child class is called overriding method.
Why function overriding is used?
Function overriding helps us achieve runtime polymorphism. It enables programmers to perform the specific implementation of a function already used in the base class.
What is override percentage?
Overrides are commissions paid in addition to the Normal Commission. They are usually paid as an offset to expenses, such as phone and rents. Overrides are often paid to the agency as a percentage of the agency’s commission rather than a percentage of the premium.
What is an override in insurance?
Override — an agreement between an insurer and intermediary (or between an insurer and reinsurer or a retrocessionaire) based on the percent of written (or ceded) premium that will be guaranteed income to the intermediary/insurer/reinsurer.
What is override and how does it work?
An override is defined as a device that stops the automatic function of something, or a cancellation of a decision. A stop button on an automatic sprinkler system is an example of an override. A vote by a committee to change the rule passed by the boss is an example of an override. To trample on.
What is the purpose of overriding commission?
In insurance, an overriding commission is a commission paid by an insurer to an agent or managing general agent for premium volume produced by other agents in a given geographic territory. In reinsurance, it is a commission paid to an intermediary in return for placing a retrocession of reinsurance.