Enter the premium amount and commission rate into the calculator to determine the insurance commission. This calculator can also evaluate any of the variables given the others are known.
Insurance Commission Formula
The following formula is used to calculate the insurance commission. Variables:
IC = P * R
Variables:
- IC is the insurance commission ($)
- P is the premium amount ($)
- R is the commission rate (decimal)
To calculate the insurance commission, multiply the premium amount by the commission rate. The result is the insurance commission.
How to Calculate Insurance Commission?
The following steps outline how to calculate the Insurance Commission.
- First, determine the premium amount ($).
- Next, determine the commission rate (decimal).
- Next, gather the formula from above = IC = P * R.
- Finally, calculate the Insurance Commission.
- After inserting the variables and calculating the result, check your answer with the calculator above.
Example Problem :
Use the following variables as an example problem to test your knowledge.
premium amount ($) = 500
commission rate (decimal) = 0.15
