Commission Chargeback. For any Annuity reinsured hereunder that is either surrendered or partially withdrawn during the current Accounting Period, the Ceding Company will pay the Reinsurer a Commission Chargeback at the end of the Accounting Period equal to (a) plus (b), where:
(a) equals the sum of (i) times (ii) times (iii), with respect to each such Annuity, where:
(i) equals 1.0 for any Annuity reinsured hereunder that is either surrendered, or incurs a partial withdrawal in the first six policy months, and 0.5 for any Annuity reinsured hereunder that is either surrendered, or incurs a partial withdrawal in policy months seven through twelve;
(ii) equals the Commission Rate, as specified in item (i)(a) of Paragraph 1 above; and
(iii) equals the total Reinsurance Premiums, determined in accordance with Article II, received with respect to any such Annuity that is surrendered for all Accounting Periods since inception of this Agreement, or the quota share reinsured hereunder, as described in Schedule A, times the gross amount withdrawn for any such Annuity that incurred a partial withdrawal during the current Accounting Period; and
(b) equals the product of (i) times (ii), where:
(i) equals $230 times the quota share reinsured hereunder, as described in Schedule A; and
(ii) equals the number of Base Annuities surrendered as "Free Looks", in accordance with the terms of the Annuities reinsured hereunder, during the current Accounting Period.
Commission Chargeback. No chargebacks are applicable to partial withdrawals, full surrenders or death claims, except in the event of a free look surrender or if an Alternate Withdrawal Charge Rider is selected. Please see section 3a.
Commission Chargeback. In the event that a policy for which a commission has been paid is lapsed or surrendered by the Policy Owner during the first six months, or is returned to SECURITY LIFE for refund of premium during the Free Look Period as described in the policy, SECURITY LIFE and ING AMERICA EQUITIES shall require reimbursement from SELLING BROKER-DEALER equal to 100% of the commission paid. If a premium payment for which a commission has been paid is refunded by SECURITY LIFE, a reimbursement of the commission paid on the amount refunded will be due from the SELLING BROKER-DEALER. The reimbursement may be deducted by ING AMERICA EQUITIES from the next, or any subsequent, commission payment to SELLING BROKER-DEALER. If the amount to be reimbursed exceeds compensation otherwise due, SELLING BROKER-DEALER shall promptly reimburse ING AMERICA EQUITIES before the next commission cycle.
Commission Chargeback. In the event that a Contract for which a commission has been paid is rescinded or voided (including by reason of a death prior to Contract issue), or returned to Pacific Life as a result of a Contract owner exercising the “free look” provision of the Contract, or a premium for which commission has been paid is refunded by Pacific Life, then Pacific Life will charge back 100% of the commission paid.
Commission Chargeback. In the event that a Contract for which a commission has been paid is lapsed or surrendered by the Contract Owner, then the following percentage of commissions paid will be due back from all entities which received commissions: . 0% if the event occurs within 13 (thirteen) months of the Contract issue date; and . 0% thereafter. In the event the Contract Owner exercises the "free look" provision of the Contract or in the event premium is refunded to the Contract Owner by Pacific Life, including for a Contract rescission, then Pacific Life will charge back 100% of all commissions paid. Distributor may deduct reimbursement amounts from compensation otherwise due to Selling Broker/Dealer and/or General Agent. If the amount to be deducted exceeds compensation otherwise due, Selling Broker/Dealer will promptly reimburse Distributor before the next commission cycle or within 10 business days from the date of mailing of a written demand for reimbursement, whichever is later.
Commission Chargeback. In the event that a policy for which a commission has been paid is lapsed or surrendered by the Policy Owner during the first six months, or is returned to Southland for refund of premium during the Free Look Period as described in the policy, Southland and ING America Equities shall require reimbursement from Selling Broker-Dealer equal to 100% of the commission paid. If a premium payment for which a commission has been paid is refunded by Xxxxxxxxx, a reimbursement of the commission paid on the amount refunded will be due from the Selling Broker-Dealer. The reimbursement may be deducted by ING America Equities from the next, or any subsequent, commission payment to Selling Broker-Dealer. If the amount to be reimbursed exceeds compensation otherwise due, Selling Broker-Dealer shall promptly reimburse ING America Equities before the next commission cycle.
Commission Chargeback. In the event that a Contract for which a commission --------------------- has been paid is surrendered by the Contract Owner or is returned to SECURITY LIFE during the Free Look Period as described in the Contract, SECURITY LIFE and ING AMERICA EQUITIES will require reimbursement from SELLING BROKER-DEALER as follows: . 100% of commissions paid if the event occurs during the first six months of the Contract.
Commission Chargeback. In the event that a policy for which a commission --------------------- has been paid is lapsed or surrendered by the Policy Owner during the first six months, or is returned to SECURITY LIFE for refund of premium during the Free Look Period as described in the policy, SECURITY LIFE and ING AMERICA EQUITIES shall require reimbursement from SELLING BROKER-DEALER equal to 100% of the commission paid. If a premium payment for which a commission has been paid is refunded by SECURITY LIFE, a reimbursement of the commission paid on the amount refunded will be due from the SELLING BROKER-DEALER. Schedule B Form No. 1191 (VUL) & 1197 (VUL) 05/1/95 The reimbursement may be deducted by ING AMERICA EQUITIES from the next, or any subsequent, commission payment to SELLING BROKER-DEALER. If the amount to be reimbursed exceeds compensation otherwise due, SELLING BROKER-DEALER shall promptly reimburse ING AMERICA EQUITIES before the next commission cycle.
Commission Chargeback. In the event that a policy for which a commission --------------------- has been paid or is returned to SECURITY LIFE for refund of premium during the Free Look Period as described in the policy, SECURITY LIFE and ING AMERICA EQUITIES shall require reimbursement from SELLING BROKER-DEALER equal to 100% of the commission paid. In the event that a policy for which a commission has been paid is lapsed, surrendered or has a requested decrease to the Stated Death Benefit within the first three policy years, SECURITY LIFE and ING AMERICA EQUITIES shall require reimbursement from SELLING BROKER-DEALER. The chargebacks are based on the lesser of the target premium or the actual premium paid in that policy year. Schedule D Form No. 1195 (VUL) 09/01/95 Commission Chargeback Table Policy Percent of Annual Year Target Premium Paid ----- -------------------
Commission Chargeback. In the event that a Contract for which a commission --------------------- has been paid is surrendered by the Contract Owner or is returned to FIRST ING OF NEW YORK during the Free Look Period as described in the Contract, FIRST ING OF NEW YORK and ING AMERICA EQUITIES will require reimbursement from SELLING BROKER-DEALER as follows: . 100% of commissions paid if the event occurs during the first six months of the Contract.
