Common use of Annualized Commissions Clause in Contracts

Annualized Commissions. Upon the request of the Advisor and approval by the Company and the Managing Partner or Associate Partner which appointed the Advisor, the full first year's commissions for a Product sold by the Advisor will be paid at the time the first premium installment for the Product is paid to the Company. Entitlement to an annualized commission payment shall be determined on a case by case basis and shall be subject to the approval of the Company, in its sole discretion. Annualized commissions shall be available only for Products with a premium payment mode which has been approved by the Company for the annualized commissions program. If any Product for which an annualized commission has been paid shall lapse or terminate either before the end of the first policy year or before the full first year's premium has been paid, any part of the commission which has been paid on the unpaid and unearned premium shall be reversed and charged back against the Advisor. Any such chargeback will be treated as an indebtedness of the Advisor in the same manner as any other indebtedness owed by the Advisor to the Company. The Advisor hereby agrees that if its commission account is not sufficient to offset the chargebacks, the Advisor (or the Individual Designee(s), if applicable) will be personally liable for such chargebacks. The Company reserves the right, in its sole discretion, to determine which Products will qualify for annualized commissions, and to terminate the Advisor's participation in the annualized commission program at any time. The payment of annualized commissions as herein provided shall fully discharge all obligations of the Company to the Advisor for the payment of first year commissions on the Products to which such commissions apply.

Annualized Commissions. Upon the request of the Advisor Representative and approval by the Company and the Managing Partner or Associate Partner which appointed the AdvisorRepresentative, the full first year's commissions for a Product sold by the Advisor Representative will be paid at the time the first premium installment for the Product is paid to the Company. Entitlement to an annualized commission payment shall be determined on a case by case basis and shall be subject to the approval of the Company, in its sole discretion. Annualized commissions shall be available only for Products with a premium payment mode which has been approved by the Company for the annualized commissions program. If any Product for which an annualized commission has been paid shall lapse or terminate either before the end of the first policy year or before the full first year's premium has been paid, any part of the commission which has been paid on the unpaid and unearned premium shall be reversed and charged back against the AdvisorRepresentative. Any such chargeback will be treated as an indebtedness of the Advisor Representative in the same manner as any other indebtedness owed by the Advisor Representative to the Company. The Advisor Representative hereby agrees that if its commission account is not sufficient to offset the chargebacks, the Advisor Representative (or the Individual Designee(s), if applicable) will be personally liable for such chargebacks. The Company reserves the right, in its sole discretion, to determine which Products will qualify for annualized commissions, and to terminate the AdvisorRepresentative's participation in the annualized commission program at any time. The payment of annualized commissions as herein provided shall fully discharge all obligations of the Company to the Advisor Representative for the payment of first year commissions on the Products to which such commissions apply.

Annualized Commissions. (a) Upon the request of the Advisor Managing Partner and approval by the Company and the Managing Partner or Associate Partner which appointed the AdvisorCompany, the full first year's commissions for a Product sold by the Advisor Managing Partner will be paid at the time the first premium installment for the Product is paid to the Company. Entitlement to an annualized commission payment shall be determined on a case by case basis and shall be subject to the approval of the Company, in its sole discretion. If annualized commissions are requested and approved for a particular Product, all commissions payable for such Product to the Managing Partner and all applicable Sub-agents shall be annualized. Annualized commissions shall be available only for Products with a premium payment mode which has been approved by the Company for the annualized commissions program. If any Product for which an annualized commission has been paid shall lapse or terminate either before the end of the first policy year or before the full first year's premium has been paid, any part of the commission which has been paid on the unpaid and unearned premium shall be reversed and charged back against the AdvisorManaging Partner. Any such chargeback will be treated as an indebtedness of the Advisor Managing Partner in the same manner as any other indebtedness owed by the Advisor Managing Partner to the Company. The Advisor Managing Partner hereby agrees that if its commission account is not sufficient to offset the chargebacks, the Advisor Managing Partner (or the Individual Designee(s), if applicable) will be personally liable for such chargebacks. The Company reserves the right, in its sole discretion, to determine which Products will qualify for annualized commissions, and to terminate the AdvisorManaging Partner's participation in the annualized commission program at any time. The payment of annualized commissions as herein provided shall fully discharge all obligations of the Company to the Advisor Managing Partner for the payment of first year commissions on the Products to which such commissions apply.

Annualized Commissions. (a) Upon the request of the Advisor Associate Partner and approval by the Company Managing Partner and the Managing Partner or Associate Partner which appointed the AdvisorCompany, the full first year's commissions for a Product sold by the Advisor Associate Partner will be paid at the time the first premium installment for the Product is paid to the Company. Entitlement to an annualized commission payment shall be determined on a case by case basis and shall be subject to the approval of the Company, in its sole discretion. If annualized commissions are requested and approved for a particular Product, all commissions payable for such Product to the Associate Partner and all applicable Sub-agents shall be annualized. Annualized commissions shall be available only for Products with a premium payment mode which has been approved by the Company for the annualized commissions program. If any Product for which an annualized commission has been paid shall lapse or terminate either before the end of the first policy year or before the full first year's premium has been paid, any part of the commission which has been paid on the unpaid and unearned premium shall be reversed and charged back against the AdvisorAssociate Partner. Any such chargeback will be treated as an indebtedness of the Advisor Associate Partner in the same manner as any other indebtedness owed by the Advisor Associate Partner to the Company. The Advisor Associate Partner hereby agrees that if its commission account is not sufficient to offset the chargebacks, the Advisor Associate Partner (or the Individual Designee(s), if applicable) will be personally liable for such chargebacks. The Company reserves the right, in its sole discretion, to determine which Products will qualify for annualized commissions, and to terminate the AdvisorAssociate Partner's participation in the annualized commission program at any time. The payment of annualized commissions as herein provided shall fully discharge all obligations of the Company to the Advisor Associate Partner for the payment of first year commissions on the Products to which such commissions apply.