BASIS OF COMMISSION FOR UNIVERSAL LIFE PRODUCTS Sample Clauses

BASIS OF COMMISSION FOR UNIVERSAL LIFE PRODUCTS. Subject to the provisions of this schedule, and the contract to which it applies, commission will be based on actual premium paid. The amount of commission depends on the rate in the applicable "band" or "target," regardless of when the premium is paid. 1. Definition of Bands a) Band 1 1) Definition: Band 1 is the actual premium paid in an amount up to, but not greater than, one (1) target premium. 2) Applies to: Target 1 b) Band 2 1) Definition: Band 2 is the actual premium paid greater than one (1), but not greater than three (3), times the target premium. 2) Applies to: Target 2-3 c) Band 3 1) Definition: Band 3 is the actual premium paid in an amount greater than three (3), but not greater than ten (10), times the target premium. 2) Applies to: Target 4-10 d) Band 4 1) Definition: Band 4 is the actual premium paid in an amount greater than ten (10) times the target premium. 2) Applies to: Target 11+
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Related to BASIS OF COMMISSION FOR UNIVERSAL LIFE PRODUCTS

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