Delivery of Contracts. Upon issuance of a Contract by an Equitable Life Company and delivery of such Contract to the Agent who solicited its purchase, the soliciting Agent shall promptly deliver such Contract to its purchaser. For purposes of this provision, "promptly" shall be deemed to mean not later than five calendar days. Consistent with its administrative procedures, each Equitable Life Company will assume that a Contract issued by it will be delivered by the soliciting Agent to the purchaser of such Contract within five calendar days. As a result, if a purchaser exercises the free look rights under a Contract, the Broker-Dealer and the General Agent shall indemnify the Equitable Life Company issuing a Contract for any loss incurred by such Equitable Life Company that results from the soliciting Agent's failure to deliver such Contract to its purchaser within the contemplated five-calendar-day period.
Appears in 4 contracts
Samples: Broker Dealer and General Agent (Separate Account Fp of Equitable Variable Life Insurance Co), Broker Dealer and General Agent (Separate Account Fp of Equitable Variable Life Insurance Co), Broker Dealer and General Agent (Separate Account Fp of Equitable Variable Life Insurance Co)
