Definition - What does Contingent Fee mean?
A contingent fee is a method of payment in which the payment is not made until a specific objective is reached. Insurance brokers are often paid on contingent fees. Under these arrangements, they only get paid when the actual sale has been made or the contract has been signed.
Insuranceopedia explains Contingent Fee
It is very common for certain types of lawyers to be paid on a contingent basis. Personal injury lawyers, for example, often work on contingency. If a personal injury lawyer working on a contingent fee wins a court case on behalf of a plaintiff, the insurance companies involved often have to pay large sums to the plaintiff, a certain percentage of which will be paid to the attorney.
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