Collection of Premium. You shall not receive or collect cash for or on behalf of the Company. You shall only receive or collect checks, drafts, or other financial instruments made payable to the Company. Neither you nor your Sub-Producers are authorized to endorse or cash checks, drafts, or other financial instruments made payable to the Company. You are authorized to collect and promptly remit to the Company the first premium on business produced by you in accordance with the Company’s rules and regulations. You shall be liable to the Company for all monies received on behalf of the Company and monies payable to the Company. Any monies received on behalf of the Company will be held in trust by you and shall not be used by you for any personal or other purposes whatsoever, but shall be immediately forwarded to the Company
Collection of Premium. Producer will make all reasonable efforts to collect amounts due. Producer will be relieved of responsibility for premium, so adjusted or determined, if Producer notifies Broker in writing within twenty (20) days after said invoice date, stating that Producer has made diligent efforts and is unable to collect such premiums and provided the Insurer releases Broker from liability for such premium. A copy of the Producer’s invoice to the insured, as well as copies of correspondence pertaining to the collection, must be sent with this notification. Failure to give Broker timely notice shall constitute Producer’s acceptance of responsibility for payment of such premiums. If commission applies to these adjustments, none will be allowed to Producer on premiums collected directly by Broker or Insurer under this provision. If, after a period of sixty (60) days from the date liability was assumed by the Insurer, Broker has not received payment due for the applicable coverage, Broker may, at its option, collect from the insured the premium due. In the event Broker collects the premium or any party thereof from the insured, Producer shall not be entitled to any commission on the premium so collected. Attempts by Broker to collect from insured shall not relieve Producer of liability to Broker except to the extent of amounts actually collected by Broker from insured, less the expense of such collection. In the event Broker shall have to bring any action or proceeding to enforce collection of any amount due under the terms of this Agreement, Producer agrees to pay all costs incident thereto, including reasonable attorney’s fees, incurred by reason of such action or proceeding.
Collection of Premium. No Top-Up shall be effective until the Company has received full payment of the appropriate premium at its administration centre in Ireland.
Collection of Premium. To collect, receive, account for and maintain in a separate account premiums on all policies underwritten by PointSure. These premiums shall be maintained in a separate account at a financial institution, and not commingled with any other moneys. In accordance with Addendum A to this Agreement, PointSure shall remit premium to SBIC within 15 days after the end of the month for which SBIC's monthly statement of amounts due is prepared. Policy deposit premiums and down payments are due no later than 15 days after policy inception as noted on Addendum A. Using the same due dates as are listed in Addendum A, PointSure may turn over to SBIC for direct collection any premium due and not yet collected and PointSure agrees that no commission shall be paid nor credited for any sums collected from the policyholder once SBIC initiates collection action. PointSure must hold any premiums that are collected in a fiduciary capacity and must pay such premiums to SBIC following collection in accordance with the schedule in Addendum A.
Collection of Premium. The Producer is only authorized to collect the initial Premium. Premium collection made payable to BCBSVT in the form of an applicant’s check or money order is the only remittance allowed. Producer shall promptly report and remit to BCBSVT all Premium collections without commingling such Premiums.
Collection of Premium. Broker shall collect only the initial premium on applications or insurance policies solicited under the terms of this Agreement and shall be responsible for all such monies. Such monies shall be collected only by check, money order, or other instrument made payable to OhioHealthy. Broker is not authorized to receive premiums payable to Broker’s personal order. Broker shall not collect premiums in currency or coin unless specifically authorized by OhioHealthy for a particular transaction. All premium funds received for or on behalf of OhioHealthy shall be segregated and held by Broker as a fiduciary; and such funds shall not be used by Broker for any purpose whatsoever, but shall be transmitted to OhioHealthy immediately following receipt by Xxxxxx.
