At the most basic level, a Field Marketing Organization ( FMO ) or an Insurance Marketing Organization (IMO) is a company that offers insurance products and services to insurance agents or agencies. Most FMO’s will normally offer services above and beyond insurance products, but the services offered will vary by company.
An independent marketing organization (IMO) is basically the same as an FMO. Some agents believe FMOs tend to focus more on health insurance products while IMOs tend to focus on life insurance products, but this isn’t always true. Like FMOS, IMOs tend to be licensed to sell multiple carrier products in multiple states.
In short, the payment structure for an FMO centers on volume. An insurance company will go to an FMO and ask them to market their products. The FMO will examine the case and define how much business they can guarantee that the insurance company will generate with their help.
IMO is also shorthand for “in my opinion.” What that means is that IMO can simply mean someone is offering their perspective or opinion. However, although IMO is an acronym or abbreviation, it’s also considered a slang word that isn’t widely used in professional writing.
Gideon du Plessis
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Medicare Advantage and Part D Commissions Each year and beyond, carriers pay out renewal commissions to the agent if the beneficiary remains enrolled in the plan or enrolls in a new, “like” plan (same type). In 2021, the national maximum broker compensation for MAPDs is $539 for initial sales and $270 for renewals.
Final expense insurance is a whole life insurance policy that has a small death benefit and is easier to get approved for. Final expense insurance is also called “ funeral insurance ,” “burial insurance ,” “simplified issue whole life insurance ,” or “modified whole life insurance .”
National Marketing Organizations are “middle men” who promote and train agents and brokers on insurance products. They constantly recruit independent insurance and promote insurance products to them. When an agent writes business, the NMO receives an over-ride on commissions.
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.
An override is typically additional compensation available to selected producers in recognition of high volumes of sales production. These extra payments are usually based on the number of covered employees or amount of premium sold or renewed by the producer over a specified time period.
IMO stands for in my opinion. You might also see, “IMHO” (in my humble opinion.)
Various apps like WhatsApp uses end to end encryption , or even Google Hangouts, but there’s no such safety feature in IMO. So for normal usage, there won’t be any harm as such, but for important or private purpose, I’d suggest Skype or WhatsApp video call or Google hangout.
The new regulations , known as IMO 2020 , mandates a maximum sulphur content of 0.5% in marine fuels globally. The driver of this change is the need to reduce the air pollution created in the shipping industry by reducing the Sulphur content of the fuels that ships use.