How it's worked out
FYC is the first-year premium times the first-year commission rate for that product. Each insurer sets its own rates, product by product, so the same premium can pay quite different FYC. Your commission schedule has the rates that apply to you.
Worked example, with a made-up rate: a client takes a policy at S$3,000 a year. If that product's first-year rate is 50%, your FYC is S$1,500. From the second year you're paid renewal commission on the same policy, at the rates your insurer sets, and that isn't FYC.
FYC is the number a lot of yearly targets are set in, and it's what MDRT's commission method counts. MDRT credits 100% of first-year commission on individual life, critical illness, disability income, accident, long-term care and health policies. Under that method, MDRT ignores overrides, sign-on bonuses and allowances for training.
Where it shows up in your week
A yearly FYC target only turns into action when it becomes a weekly count. The activity calculator works back from your goal to the calls and meetings each week needs, from your own rates. The life insurance commission calculator works out what one policy pays in FYC and in renewals, from the rates in your own schedule. The first-year advisor guide turns an FYC goal into a weekly number, step by step.