Commission Compensation. As compensation to the Agent, in full, for the performance of services as authorized in the Contract, MFG will pay commissions as set forth in the attached Schedules of Commissions. The rate of commissions may be changed, altered or amended from time to time by MFG, and effective upon any business written by the Agent subsequent to the effective date of the change. The Agent will receive at least ten (10) days prior written notice of any change in the Schedule of Commissions. Commissions are calculated on the basis of the commission rate on the effective date of the policy and of original commissionable policy premium, unless the commissionable policy premium is decreased, at which time commission will be paid on the decreased premium. Commissions are not payable on administrative fees or policy application fees. In the event MFG’s commissions on any in-force premium are reduced, commissions to the Agent on the same in-force premium may be reduced in the same proportion. If commissions on any premiums must be refunded by MFG to the COs, the Agent shall repay to MFG corresponding commissions that may have been previously paid to the Agent. Commission advances are at the sole discretion of MFG, and may be changed at any time by MFG without prior notice. Each advance paid to the Agent will be charged (debited) to the Agent’s account, and MFG will credit the Agent’s account with all commissions earned by the Agent. The Agent who receives commission advances from MFG may not market directly or indirectly the same or similar product through other commission sources within the same insurance company.
Appears in 4 contracts
Samples: Agent’s Book of Business, Confidentiality, Non Solicitation and Noncompetition Agreement, Agent’s Book of Business, Confidentiality, Non Solicitation and Noncompetition Agreement, Agent’s Book of Business, Confidentiality, Non Solicitation and Noncompetition Agreement
