American General - Collateral assignment vs. Absolute assignment

Chris Toth -

American General has two different commission assignment forms that serve different purposes. 

  • A collateral assignment allows an agent or entity the ability to assign commission payments to a third party.

  • If an assignment was the result of a complete purchase or a merger, an Absolute Assignment form is required.

In either case it's NOT necessary to send an assignment of commissions form in with an LOA Solicitor contract request.  This is already implied on the application and with the solicitor sales agreement that's included in the allocated forms.

Please see attachment from American General with further details.

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