Common use of Change of Servicing Agent Clause in Contracts

Change of Servicing Agent. Requests for change of servicing agent submitted by a Contractholder may be granted if it appears to be in the best interest of the Contractholder and the Company. A change will transfer the right to receive commissions to the new servicing agent. Contracts, for which an agent cannot be located, within a reasonable amount of time, will be converted to Agency accounts. Definitions

Change of Servicing Agent. Requests for change of servicing agent submitted by a Contractholder may be granted if it appears to be in the best interest of the Contractholder and the Company. A change will transfer the right to receive commissions to the new servicing agent. Contracts, for which an agent cannot be located, within a reasonable amount of time, will be converted to Agency Company accounts. Definitions.