Million dollar round table
Encyclopedia
Life insurance
Life insurance is a contract between an insurance policy holder and an insurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of the insured person. Depending on the contract, other events such as terminal illness or critical illness may also trigger...
, disability and long term care. The name, Million Dollar Round Table emanated from a group of 32 successful life insurance agents who met at the Peabody Hotel in Memphis, Tennessee. Each agent could demonstrate they had sold more than $1,000,000 of life insurance that year. Their meeting focused on improving technical knowledge and enhancing their sales abilities as well as maintaining ethical standards in an oft-maligned and misunderstood industry. The 1927 meeting evolved into the formation of the organization that exists today. An organization dedicated to encouraging ethical values, sharing ideas and concepts clients have found to be valuable and helping to improve business practices.
MDRT conducts an annual meeting which is open to all members. The purpose of the meeting is to bring together top professionals, who have demonstrated superior performance, to meet and share. These meetings are held throughout the North American continent along with Experience meetings in Asia. Each year more than 10,000 members and guests gather to enjoy the fellowship and opportunity to learn.
An important aspect of MDRT is the "Whole Person", a concept which was first presented by the philosopher Mortimer Adler. According to Adler, "Whole Persons are engaged in a lifetime quest to achieve balance and congruity in all aspects of their lives and continually seek to develop their full human potential.” There are seven areas the "Whole Person" balances in their life: family, health, education, career, service, financial and spiritual. MDRT encourages members to strive towards creating and maintaining this balance as a way to achieve meaning and significance in their lives.
To maintain the high standard of productivity set by the forefathers of MDRT, annual qualification requirements for joining were established. These standards include demonstrating a set annual production requirement plus agreeing to adhere to a strict code of ethics. Ethical violations will result in dismissal. To be eligible for a basic membership in 2009, for example, an applicant must meet a production goal of $87,900 in first year commission. MDRT also has established two additional tiers of qualification - Court of the Table and Top of the Table. To qualify for these higher tiers of membership, the applicant must demonstrate annual commission of first year income three to six times the base requirement. As of the end of 2008 the organization has more than 39,000 members in 82 countries and territories.
The Million Dollar Round Table (MDRT) describes itself as The Premier Association of Financial Professionals. As an international, independent association of successful life insurance and financial services professionals, members seek to demonstrate exceptional professional knowledge, strict ethical conduct and outstanding client service. MDRT membership is recognized internationally as a standard of sales excellence in the life insurance and financial services business.
About MDRT
31,142 members in 78 nations and territories
• U.S. 33%
• India 16%
• Korea 13%
• Japan 10%
• Hong Kong 6%
• Canada 3%
Members represent 462 companies
2010 Top 10 Companies
1. SBI Life Insurance Co. Ltd. (India) 2,904
2. New York Life (USA) 1,995
3. Samsung Life Ins. Co. Ltd. (Republic of Korea) 1,862
4. Life Insurance Corp. of India (India) 1,218
5. Northwestern Mutual Financial Network (USA) 1,215
6. Prudential Life Ins. Co. Ltd. (Japan) 658
7. AIA-Hong Kong (Hong Kong) 603
8. Prudential Financial (USA) 562
9. Sony Life Insurance Co. (Japan) 535
10. Kyobo Life Ins. Co. Ltd. (Republic of Korea) 452