- 7 -
1985. Per the contractual agreements between petitioner and
Conseco, if the Marketing Agreement were terminated after 5 years
or more, then petitioner would be vested and would receive 100%
of the renewal policy commissions based on the applicable
percentages laid out in the Marketing Agreement and amendments.
All commissions remain vested in petitioner until petitioner’s
“cash premiums as collected” fall below $8,000 for a consecutive
12-month period. At the time of trial, petitioner was still
receiving commission compensation from renewal policies with
Conseco.
An accident suffered by petitioner in 1999 caused him to
retire on Social Security disability. Petitioner was effectively
terminated from his position with Conseco in January 1999
following this disabling accident. Petitioner ceased to be a
“manager of record” on any account after January 1999.
Petitioner’s Marketing Agreement with Conseco was officially
terminated effective October 13, 2000. Petitioner did not sign a
separate termination agreement.
Prior to termination, petitioner would receive additional
renewal commission payments if one of his client’s policy
payments increased due to amendments or other economic changes.
However, after termination of his employment with Conseco,
petitioner did not get the benefit of the increase in these
policy payments. Instead, after termination of petitioner’s
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 Next
Last modified: May 25, 2011