Collection of Premiums. With regard to the collection of premiums, deposits and other remittances from policyholders (including payment of principal or interest on policy loans), the Provider shall act in a fiduciary capacity with respect to such payments, hold such payments for the benefit of the Recipient, and after the required processing of such payments, will immediately deposit such payments in one or more bank accounts established in the name of the Recipient and subject to the control of officers of the Recipient. Reports are reviewed on a daily basis to ensure that all payments are applied in a timely manner.
Appears in 9 contracts
Samples: Administrative Services Agreement (First Investors Life Level Premium Variable Lif Ins Sep Ac B), Administrative Services Agreement (First Investors Life Variable Annuity Fund A), Administrative Services Agreement (First Investors Life Variable Annuity Fund D)
