Clawback
A plain-English definition from the DeployIT insurance technology glossary.
In short: Recovery of previously paid commission when a policy lapses, is cancelled or free-looked within a defined period.
Related terms
- Commission Caps
- IRDAI-prescribed limits on commission payable by line of business and channel.
- Free-Look Period
- The window (typically 15-30 days) after policy receipt during which a policyholder can return the policy for a refund.
- Persistency
- The share of policies still active at defined anniversaries (13th/25th month).
See this concept working in software
DeployIT puts quoting, issuance, renewals, claims and commissions on one platform built for Indian insurance distribution.