The formula to calculate the insurance commission is:
\[ \text{IC} = P \times R \]
Where:
Insurance commission is the amount of money an insurance agent earns from selling an insurance policy. It is calculated as a percentage of the premium amount paid by the policyholder.
Let's consider an example:
Using the formula to calculate the insurance commission:
\[ \text{IC} = 1000 \times 0.10 = 100 \text{ dollars} \]
This means that the insurance commission for this scenario is $100.
