Common use of Commission Chargeback Clause in Contracts

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 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.. Schedule H

Commission Chargeback. In the event that a policy for which a commission has been paid is lapsed or surrendered by the Policy Owner or has a reduction of stated death benefit during the first six monthsthree policy years, or is returned to SECURITY LIFE ING Security Life for refund of premium during the Free Look Period as described in the policy, SECURITY LIFE ING Security Life and ING AMERICA EQUITIES America Equities shall require reimbursement from SELLING BROKERSelling Broker-DEALER equal to 100% of the commission paidDealer as shown below. If a premium payment for which a commission has been paid is refunded by SECURITY LIFEING Security Life, a reimbursement of the commission paid on the amount refunded will be due from the SELLING BROKERSelling Broker-DEALERDealer. The reimbursement may be deducted by ING AMERICA EQUITIES America Equities from the next, or any subsequent, commission payment to SELLING BROKERSelling Broker-DEALERDealer. If the amount to be reimbursed exceeds compensation otherwise due, SELLING BROKERSelling Broker-DEALER Dealer shall promptly reimburse ING AMERICA EQUITIES America Equities before the next commission cycle.